Spread Betting UK 9-10 February 2009

Spread Betting UK 9-10 February 2009

UK Market Comment, 10 Feb 2009

Closing comments from Tim Hughes, Head of Sales Trading, IG Index:

Going into the last few minutes of trading, the UK stock market remains in the red, which is where it has spent the vast majority of the day.

Miners and finance stocks were amongst the days biggest losers, giving back some of the gains seen recently. The main focus for the market over the last couple of days though has been the details of the US bailout plans for the financial sector.

The cautious approach spilled out here, coupled with comments from President Obama warning of a “full blown crisis” for the US economy which seems to have deflated some of the enthusiasm investors had shown over the last couple of days.

Getting back to the FTSE, the index remains capped by the 4300 area – a zone that has proved to be a real barrier for the bulls over the past two weeks.

With today’s downbeat reminders from the US of what lies ahead, it may be that we have seen the best of stock market strength in the short-term which could leave markets somewhat directionless for the rest of the week.

How and where to spread bet on:

FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spreads
FTSE 250, where to find free charts, live pricing, how to trade etc >> FTSE 250 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.

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UK Market Comment, 9 Feb 2009

Closing comments from David Jones, Chief Market Strategist, IG Index:

Going into the last few minutes of trading, the FTSE 100 has come back from an earlier wobble to trade positive on the day.

The main focus was the results from Barclays, with these showing a better-than-expected profit of just over £6 billion. This kept Barclays near the top of the FTSE leader board for most of the day, with the shares back up to the 115p mark.

Investors in the bank seemed to welcome the transparency that the latest results offered and the positive results seem to have gone some way to helping allay fears of any more crises in the medium term.

Current sentiment surrounding the bank certainly seems positive for the share price, with some traders perhaps even speculating that a run back to the recent pre-crash highs around 190p might be an outside possibility.

All of this helped the broader market during the day, with the index closing above 4300. Over recent weeks this sort of area has tempted the sellers back out, but so far this time around share prices seem to be holding their ground.

There has been an element of biding time today ahead of Tuesday’s announcement from the US regarding further details of the bank rescue package but – bearing any shocks here in mind – the stock market currently seems poised for further potential upside.

How and where to spread bet on:

Barclays, where to find free charts, live pricing, how to trade etc >> Barclays Spread Betting
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 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.

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 9-10 February 2009' edited by AG, updated 10-Feb-09

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Daily Closing Market Comments Index

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