Spread Trading UK 15-16 September 2009
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UK Market Comment, 16 September 2009
Closing comments from David Jones, Chief Market Strategist, IG Index:
As we move into the latter stages of the day's trading, the UK's leading index continues to show considerable upward momentum.
The FTSE once again broke new ground for the year, with energy stocks fuelling today's rally.
Tullow Oil, Xstrata and Eurasian Natural were towards the top of the leader board in mid-afternoon trading and Randgold Resources had added 5.11% by 2.45pm (London time).
The latter benefited from a strong performance for Gold as prices moved well beyond the $1000 mark to around $1018 per ounce.
At the moment it seems that for every investor suffering a moment of doubt about the long-term prospects of this economic recovery, there are another two who are willing to buy into the smallest sign of weakness and keep stock markets on the up.
Nevertheless, today's jobless data highlighted the extent of the damage that this economic storm has left in its wake, but did not impact strongly on the market.
Mervyn King's suggestion that a fully-fledged recovery was still 'highly uncertain' seemed more likely to dampen enthusiasm for equities. But with each significant level being broken on the upside, investors' confidence will be growing gradually and those who are still cautious will find the buoyancy increasingly hard to resist.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
Gold, where to find free charts, live pricing, how to trade etc >> Gold 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, 15 September 2009
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close, it looks set to be a positive finish for UK stocks after a directionless morning.
After a quiet start to the day, US Retail Sales data helped spur on sentiment in the afternoon session. August retail sales showed an increase of 2.7%, ahead of market expectations, with the government stimulus package for the car industry via its 'cash for clunkers' scheme playing its part in the positive number.
BT Group has been the out-performer on the day, up by around 5% as an investment bank upgrade left investors speculating they may not have to wait too long for a test of this year’s high – just above 140p.
All this briefly pushed the FTSE 100 index up to its best levels in almost a year, which once again seemed to reassure traders that this recovery still has some way to go. For two months now we have seen a similar pattern of ongoing strength in the market, with very few pauses for breath along the way.
Dips, when they come, are not lasting long and there still seems to be a fear of being left on the sidelines which is helping to keep any sell-offs short-lived.
Obviously, this is not going to last forever, but at the moment sentiment still remains strongly positive with September 2008 highs around 5,400 still looking like the next target for the UK index.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
BT Group, where to find free charts, live pricing, how to trade etc >> BT 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 Trading UK 15-16 September 2009' edited by AG, updated 16-Sep-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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