UK Shares Trading: Man Group Tumbles as Investors Pull Out
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UK Market Comment, 28 September 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
Selling in UK listed stocks has accelerated this afternoon, as the European crisis rumbles on.
Yesterday’s final hour of trade in the US gave away around half of the 300 point gain that the Dow Jones was enjoying.
Today this post-lunch slump has affected our markets, with UK stocks moving lower after an indecisive morning. A 0.1% decline in US durable goods data shows ‘we are not falling off a cliff’ as one analyst put it, tearing himself away from his half-full glass.
A mixed report has done nothing to detract from the overall picture, and this is underlined by the continuing volatility, with the VIX ‘fear’ index in the US still holding above the 35 level.
In the UK, there has been a focus on financials, which are much weaker, and led by the big faller Man Group, now down nearly 25%.
Barclays (-2%), have the unfortunate honour of leading the FSA’s complaints league for the first half of the year, and Lloyds (-2.8%) branch sell-off has got one step closer as new venture, NBNK are in the running to buy 630 off them for around £1.5 billion.
The EC President’s speech this morning included some fiery rhetoric on the planned EU wide financial transaction tax, putting him at odds with the City of London.
Two FTSE 100 stalwarts of the City, ICAP (-4%) and Hargreaves Lansdown (-3.7%), have suffered just as they did when this was originally muted by the ‘Merkozy’ coalition some months ago. This story is not going to move too far from the news crosshairs, as the opposition to the tax will highlight its grave ramifications for the UK’s financial services industry.
How and where to spread bet on:
ICAP, where to find free charts, live pricing, how to trade etc >> ICAP Spread Betting
Man Group, where to find free charts, live pricing, how to trade etc >> Man Group 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, 27 September 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
London’s leading stocks are chasing their highest point-gain of the year, around 180 to the good in the last hour of trade.
A jubilant open on Wall Street has added over 2% to the benchmark S&P 500 index as traders focused on the improving situation in Europe rather than uninspiring US consumer confidence data, which flat-lined at 45.4.
Confidence levels ticked up slightly, but were still lower than market expectations. It isn’t a surprise to see US investors look for good news across the Atlantic whilst their own data continues to leave a lot to be desired.
The 3.5% bounce today provides some breathing space for the FTSE 100, moving it away from the psychological 5000 level. Investors are piling into risk-on stocks, with crude oil in the US up 3.5%.
This serves to underline the positive attitude over improved European and global economic sentiment.
But has the game really changed? The recent range may be fairly wide, with 5400 to 4950 being the rough edges of a very jagged two month picture, but whilst these remain intact, we aren’t any closer to a concrete longer term outlook.
How and where to spread bet on:
S&P 500, where to find free charts, live pricing, how to trade etc >> S&P 500 Spread Betting
Crude Oil, where to find free charts, live pricing, how to trade etc >> Crude Oil 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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'UK Shares Trading: Man Group Tumbles as Investors Pull Out' edited by AG, updated 28-Sep-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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