Spread Trading UK 8-9 July 2009
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UK Market Comment, 9 July 2009
Closing comments from Tim Hughes, Sales Trader, IG Index:
Heading into the close, UK shares look set to finish the day broadly positive.
Once again the charge higher is being led by the mining sector, with better than expected numbers from Alcoa following the close of US trading yesterday, which gave the sector a boost.
A nagging concern remains however – as the smaller than expected loss by Alcoa seems to have been achieved mainly by cost-cutting, rather than any expansion in its business.
It would not be surprising if this knee jerk bounce ran out of steam soon.
As expected the Bank of England kept interest rates unchanged and will not be increasing quantitative easing at the moment.
This has provided a small amount of relief to the market, but the main benefit was felt by the pound, rather than individual stocks.
Although we have seen a small recovery by the FTSE 100 today it does not change the fact that this is a market that still remains weak and unable to hold onto any strength for very long.
Traders still seem happy to view rallies as selling opportunities – rather than believing it is the start of a more extended recovery.
Many are still eyeing the possibility of a slide back to 4,000 before July is out.
How and where to spread bet on:
The Pounds, where to find free charts, live pricing, how to trade etc >> GBP/USD Spreads, EUR/GBP Spreads
Interest Rates, where to find free charts, live pricing, how to trade etc >> Interest Rates 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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IG Index review.
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UK Market Comment, 8 July 2009
Closing comments from Anthony Grech, Market Strategist, IG Index:
Going into the close of trading, the FTSE is slightly down on the day.
It has been a sluggish trading day in London, with the biggest fallers coming from the insurance sector.
Aviva fell 6.5% since the open following talk that the insurer is planning to cut its dividends, also suffering were Prudential and Legal & General, down 4.49% and 6.81% respectively.
Looking at today’s winners, clothing retailer Next finds itself on the front foot, while energy firm BHP Billion is in a strong position despite its recent sell-off and currently leads the pack, up 1.61%.
In the City today, eyes will have been focussed on Alistair Darling’s plans to impose tougher regulations on the financial services industry.
Proposals include making banks hold higher levels of capital and to increase liquidity, as well as strengthening the FSA’s powers.
Whether this attempt to boost confidence in the financial sector will work is up for debate; it will take a lot more than words to reanimate investor interest, especially in the summer months, when trading is traditionally muted.
Investors will now be looking to see whether the proposals will have any significant impact and, if they do, whether they will revive confidence in the financial sector or simply act as an unwelcome restraint on the battered banks.
How and where to spread bet on:
Aviva, where to find free charts, live pricing, how to trade etc >> Aviva Spread Betting
Next, where to find free charts, live pricing, how to trade etc >> Next 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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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 8-9 July 2009' edited by DJ, updated 09-Jul-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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