UK Spread Trading 6-7 August 2008

UK Spread Trading 6-7 August 2008

UK Market Comment, 7 Aug

Closing comments from David Jones, Chief Market Strategist, IG Index:

Going into the final few minutes of trading the FTSE 100 is positive on the day, trading around the 5500 level.

Today’s focus was on Barclays as the bank reported first half profits down by about a third compared to the same time last year. It is a sign of the new found positive sentiment surrounding banking at the moment that this was shrugged off by investors and the price managed to push higher. The last three weeks have seen the share price rise by 50%. Although it is still down by around a quarter from where it started the year, for now, investors seem keen to believe the worst is behind the banking sector.

The scale of the rise in Barclays over the past few weeks helps to illustrate how strong the bounce back has been across all markets since the FTSE had a look at the 5000 level in mid July. 5500 is still viewed as something of a ceiling for the index though. Today has not changed the fact that traders may be happy to book profits at current levels as, with US markets coming under some early pressure, it is starting to look like the clever money is on another trip lower from here.

How and where to spread bet on:

Barclays, where to find free charts, live pricing, how to trade etc >> Barclays
HSBC, where to find free charts, live pricing, how to trade etc >> HSBC

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, 6 Aug

Closing comments from Anthony Grech, Market Analyst, IG Index:

Going into the last few minutes of the trading day, the FTSE 100 is positive on the day.

It has been something of a muted day’s trading, despite plenty of news flow. Big news of the day was Xstrata’s bid for fellow miner Lonmin at a chunky 40%-plus premium to the previous day’s close. This helped lift the mining sector as a whole but the effect on the index was balanced out by weakness in real estate stocks and across the financial sector.

Although stock market gains over the past couple of days have been impressive, all it has done is push the indices back to the highs seen over the past couple of months. For the FTSE, the 5500 levels have successfully stopped rallies in their tracks since the beginning of July. There is nothing at the moment to suggest this one is any different. Today saw many traders squaring their books ahead of Thursday’s interest rate announcement – and with no surprises expected here we could well see the market drift lower over the next few days.

How and where to spread bet on:

BHP, where to find free charts, live pricing, how to trade etc >> BHP Billiton
Xstrata, where to find free charts, live pricing etc >> Xstrata

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.

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.

'UK Spread Trading 6-7 August 2008' edited by DJ, updated 07-Aug-08

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Daily Closing Market Comments Index

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Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading 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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