Closing comments from Yusuf Heusen, Senior Sales Trader, IG Index:
Heading into the last hour of trading, shares have come off the boil a little but still remain comfortably up on the day.
Commodities and financials have been the big drivers: fresh all-time highs on gold and two-year-plus highs on copper have given another lift to the mining sector and helped to propel the FTSE out to its best levels in more than two years.
Schroders has been the best performer on the day, as the asset manager revealed better-than-expected profits.
This has pushed the share price out to fresh highs and investors seem inclined to hang on for the potential of further gains, at least for the moment.
After a lacklustre start to the trading week on Monday, markets seem to have woken up again today and look poised to set further gains as the week goes on.
Wednesday morning sees the release of the Bank of England’s latest quarterly report and, while this has the potential to add volatility to early trading in London, traders are still eyeing up the 6000 mark as the next objective for the blue-chip index.
How and where to spread bet on:
Gold, where to find free charts, live pricing, how to trade etc >> Gold Spread Betting Schroders, where to find free charts, live pricing, how to trade etc >> Schroders 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, 8 November 2010
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close the FTSE is trading near the lows for the day.
Since markets opened this morning it has been a day of gradual but persistent selling that has pushed the index towards Friday’s lows.
It is nothing too dramatic as of yet and for now it just looks like a bout of profit taking following the sharp gains seen last week after the QE2 statement from the Fed.
Banks have been the biggest losers today following criticism over the Basel III agreement, RBS has been knocked back 3% or so and as of yet this hasn’t tempted in any bargain hunters.
There is still scope for further weakness in UK blue chips in the days ahead but there are likely to be a number of investors on the sidelines thinking they have missed the boat following the sharp rises seen last week.
These are expected to be only too happy to step in and prop up any weakness, with traders eyeing up the 5800 area as the major level expected to support any deeper weakness.
How and where to spread bet on:
RBS, where to find free charts, live pricing, how to trade etc >> RBS 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..." >> 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.
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'Fresh All Time Highs For Gold Boosts UK Shares' edited by AG, updated 09-Nov-10
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