Land Securities Buoys FTSE 100 on Strong Results
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UK Market Comment, 18 May 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
Heading into the close and London’s leading index has broken its recent losing streak.
Building on last night’s recovery on Wall Street, the FTSE 100 has been buoyed by Land Securities (+6.42%).
The property giant has been propelled to the top of the leader board after unveiling an unexpected 14% rise in profit, with British Land (+4.50%) benefiting from positive sentiment.
With growing risk appetite and metal prices advancing, miners are regaining yesterday’s lost ground, led by Eurasian Natural Resources and Randgold.
MPC meeting minutes proved no surprise, with the committee still split 6-3 in favour of maintaining interest rates.
Mervyn King will doubtless be relieved that the ONS revealed a second quarterly drop in unemployment earlier today, with the growth in full-time employment promising news for the economic recovery.
Looking across the pond, Wall Street has opened to mixed results as the earnings season winds down.
Traders’ eyes will be focussed on the Fed’s update this afternoon for any clues about the direction of the 'QE2' stimulus package, expected to end in June.
How and where to spread bet on:
Land Securities, where to find free charts, live pricing, how to trade etc >> Land Securities Spread Betting
Eurasian Natural Resources, where to find free charts, live pricing, how to trade etc >> Eurasian Natural Resources 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
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UK Market Comment, 17 May 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
Despite a foray into positive territory, the FTSE is heading into the close with little sign of any cheer.
Those stronger-than-expected inflation readings did inspire something of a rally for UK shares this morning, leaving the FTSE 100 to break briefly into positive territory.
The gains were, however, short-lived and there was little in the way of fundamentals to justify the move, other than some opportunistic bargain hunting. The reversal had already set in before those disastrous US housing start figures were released, consigning Wall Street to open sharply lower.
There are some signs of optimism though, and this is cheering London a little, but lacklustre corporate news out of the US is adding to the air of indifference.
There has been some progress regarding the Eurozone sovereign debt situation, although the proposed re-profiling of Greek debt does still carry the theme of default with it and could risk simply prolonging the pain.
Tomorrow’s BoE meeting minutes will be closely followed in light of the inflationary pressures, certainly sterling has been bolstered reflecting the threat of a rate hike, while UK unemployment and the Fed’s meeting minutes can also expect to be under scrutiny too.
How and where to spread bet on:
UK Shares, where to find free charts, live pricing, how to trade etc >> UK Shares Spread Betting
Wall Street, where to find free charts, live pricing, how to trade etc >> Wall Street 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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'Land Securities Buoys FTSE 100 on Strong Results' edited by AG, updated 18-May-11
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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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