Spread Betting UK 6-9 November 2009
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UK Market Comment, 9 November 2009
Closing comments from Anthony Grech, Market Strategist, IG Index:
Heading into the close it looks set to be another strong finish for shares in London.
It has been one-way traffic for most of the day for UK shares.
The mining sector is once again providing many of the big blue-chip gainers, with strong commodities driving prices higher as gold moves to all-time highs.
Weekend news from the G20, where finance leaders pledged to continue various programmes of economic stimulus, have given investors fresh hope that the stock market could still have some legs left in it.
In the US, the Dow Jones has already moved to fresh highs for the year, with traders starting to look at 10,500 as the next target.
For the FTSE 100 the 5300 mark remains the next major obstacle – the highs set in mid-October – and strength through here should shake off the last of any worries that are lingering, following the brief trip down below 5000 seen a week ago.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
UK Shares, where to find free charts, live pricing, how to trade etc >> Spread Betting on UK Shares
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.
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UK Market Comment, 6 November 2009
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close, it looks like the FTSE 100 is going to scrape in a positive finish on the day.
It really has been a game of two halves today with initial focus in the morning on results from RBS and British Airways.
Both posted losses – and then went on to top the blue chip leader board for the rest of the day, with gains above 5%.
With British Airways, there was some hope amongst traders that they had turned the corner, with declines in passenger travel showing signs of stabilising.
However, it might be difficult to see a lot more upside for the shares in the short-term unless the threat of industrial action is satisfactorily resolved.
The RBS rise may end up being just a dead cat bounce in the recent decline - banks seems to have fallen out of favour in recent weeks and investors still seem more inclined to give those with state ownership something of a wide berth for now.
Most of the day’s action came in the afternoon, with the latest unemployment data announced in the US.
Their economy lost 190,000 jobs in October – more than the market was expecting and this sent shares into a steep dive with the FTSE losing around 70 points in the half hour following the news.
However – as can often be the case on these sudden moves – much of the ground was made back during the course of the afternoon.
It has been an eventful week for shares, with the beginning seeing the 5000 level tested - and it successfully stemmed any declines once again.
The strength of the bounce back over recent days has been impressive.
It does seem to suggest that, even though we probably won’t see the sort of stellar gains that shares made in the summer, traders still don’t seem quite ready to head for the exits and bail out en masse just yet.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
British Airways, where to find free charts, live pricing, how to trade etc >> BA Spread Bets
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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Risk Warning: Financial Spread Trading and CFDs carry a high level of risk to your capital. You may lose more than your initial investment. They may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
Article provided / approved by IG Index which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 114059.
'Spread Betting UK 6-9 November 2009' edited by AG, updated 09-Nov-09
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Daily Closing Market Comments Index
Index of UK financial market trading articles - the regular closing market comments from IG Index...see Index.
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