Spread Betting UK 27-28 October 2009
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UK Market Comment, 28 October 2009
Closing comments from Anthony Grech, Market Analyst, IG Index:
Heading into the close the UK's leading index looks set to chalk up another loss on the day and is heading back south toward the 5000 level.
The share prices of miners Xstrata, Kazakhmys and Lonmin were all down around the 8% mark by 3pm (London time), as low metal prices worried investors.
Banks continued to languish too, as watchful investors speculated on the precise meaning of today's news about Northern Rock.
The EU Commission today approved a plan to restructure Northern Rock and secure the long-term commercial future of the 'good' bank while keeping the 'bad' bank under government control.
Tesco's share price was one of today's few positives, up 1.1% at 3pm (London time), perhaps after it announced a strengthening of its banking operations with the proposal for a new customer service centre based in the North-East.
The Dow opened pretty much as expected, down 0.1% in early trading. It remains to be seen whether today's positive durable goods figures, up 1%, can outweigh the fall of 3.6% in US home sales for September and create the spark that investors crave this week.
But don't expect fireworks. As fluctuations in economic data and both consumer confidence and consumer demand become more apparent, it's difficult not to picture wary households eyeing debt levels and taking stock by executing more considered short and long-term spending plans.
Debt – business, personal and indeed, part-political – continues to hold all the cards. And increasingly, there are more and more shades of grey on this road to recovery than many had expected.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Dow Jones, where to find free charts, live pricing, how to trade etc >> Dow Jones Spread Betting
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
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UK Market Comment, 27 October 2009
Closing comments from Anthony Grech, Market Strategist, IG Index:
As we go into the final stages of trading in London, the FTSE is currently sitting towards the top of a tight intraday range, up around 0.5%.
The minor, mid-afternoon gain was being fuelled by oil majors, after BP today announced it would gain $1bn more than predicted from its cost-cutting measures.
A better-than-expected set of third-quarter results, which saw the oil giant post a profit of just under $5bn, added to the buoyant mood and took the share price to the top of the FTSE leader board – up 4.36% by 3.30pm in London.
Other oil companies also benefited from BP’s strength, with BG and Shell firmly in the green today.
Nevertheless, banks and miners – two of the largest sectors represented on the FTSE – were struggling and dragged the UK market down.
Significant gains are looking increasingly hard to come by lately, with the UK index tending to give up advances fairly readily.
The rate of the summer rally was never going to be sustainable, but the momentum really seems to have been lost now.
Emblematic of this is the banking sector, which remained under pressure today; most major players – including RBS and Barclays – were heavily in the red.
While the investment branches of many banks have been making decent profits in the recent rising markets, traders will be looking for significant improvements in tangible fundamentals before ploughing further cash into banking equities.
The knock-on effect will likely be slower rates of gain across equity markets in the medium-term.
How and where to spread bet on:
BP, where to find free charts, live pricing, how to trade etc >> Spread Betting on BP
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
24 hour spread betting ..." » read
IG Index review.
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Article provided / approved by IG Index which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 114059.
'Spread Betting UK 27-28 October 2009' edited by AG, updated 28-Oct-09
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Daily Closing Market Comments Index
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