Egyptian Demonstrations Push Commodity Prices Higher
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UK Market Comment, 2 February 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
Heading into the close, and the FTSE is up around 20 points having retreated from early highs due to unrest in Egypt.
London’s leading index is struggling to find direction this afternoon, despite a positive start to the day on the back of yesterday’s strong US session.
Initial gains this morning looked in danger of evaporating as violent clashes erupted in the Egyptian capital of Cairo, threatening to destabilise the whole region.
However, the rising commodity spread betting markets have helped to keep the index in positive territory, with miners unsurprisingly benefiting the most.
Eurasian Natural Resources (+3.9%), Lonmin (+3.6%) and Rio Tinto (+3.3%) have all fared well. Imperial Tobacco Group is the standout stock on the day however, smoking the competition with 5.8% gains after reporting a sales increase of 5% in the last quarter.
At the other end of the scale, Invensys and International Power took a tumble to the tune of 3.3% and 3.0% respectively.
In the US, markets opened fairly flat following yesterday’s 30-month highs for the Dow Jones and the S&P 500, despite some impressive jobs figures.
Today’s ADP report showed that companies in the US added 187,000 jobs in January, significantly better than forecast, but this has been balanced by an element of profit taking.
Still, with unemployment hovering above 9%, these figures will lend some hope to a recovery of sorts in the labour market.
All eyes will now be on tomorrow’s initial jobless claims, ahead of Friday’s key Non Farm payroll data.
How and where to spread bet on:
Commodities, where to find free charts, live pricing, how to trade etc >> Commodities Spread Betting
Imperial Tobacco, where to find free charts, live pricing, how to trade etc >> Imperial Tobacco 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, 1 February 2011
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the last hour of trading, the FTSE 100 is trading at its best levels for the day.
After a quiet start to trading this morning, momentum has picked up and has been given a further boost by a strong start on Wall Street.
Strong gains by commodities have seen particularly impressive performances from Fresnillo and Antofagasta, as manufacturing in China continued to increase.
Today’s big corporate news was BP, and after languishing at the bottom of the blue-chip table this morning, sentiment has continued to switch throughout the day.
Although today’s results were slightly disappointing in terms of fourth-quarter numbers, it seems that many investors have already consigned these to history and are happy to buy into any weakness as part of the wider recovery story for the shares.
After briefly flirting with fresh lows for the year earlier this week, the FTSE 100 has managed to claw back nearly all the losses made on Friday, when the Egyptian uncertainty hit markets.
Although this year has seen a bumpy start for UK stock markets, the bounce back so far this week suggests that investors still have an appetite for risk, and continue to see value in the broader market.
How and where to spread bet on:
BP, where to find free charts, live pricing, how to trade etc >> BP Spread Betting
Fresnillo, where to find free charts, live pricing, how to trade etc >> Fresnillo 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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'Egyptian Demonstrations Push Commodity Prices Higher' edited by AG, updated 02-Feb-11
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