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11 Dec 2014
FTSE marginally up in early trade
FXStreet (Mumbai) - The London’s Ftse advanced in early trade supported by a correction in the Energy and Mining stocks.
The Ftse index traded 0.25% higher at 6516 levels at the time of writing, compared to the previous session’s close of 6529 levels. The index breadth is negative with an advance-decline ratio of 49:52. The Ftse Oil Equipment Services and Distribution index gained 2.12%, while the Oil and Gas index gained 1.72%. Both the indices had weakened sharply post the bearish Crude supply and demand forecasts from the Organization of Petroleum Exporting Countries (OPEC) group hit the wires yesterday. Meanwhile, the Metals and Mining index and Telecom index advanced 0.52% and 0.68% respectively.
Among the index stocks, shares in Tullow Oil gained 1.78%, followed by a 1.88% rise in share price of Petrofac. Shares in Royal Dutch Shell A. and Royal Dutch Shell B., advanced 1.595 and 1.27% respectively. British Petroleum gained 1.48%. On the minus side are stocks like Randgold -2.76%, Aberdeen AM -2.41%, 3I Group -1.83%, Bunzl -1.34%, and Fresnillo -1.33%.
On the currency front, the GBP/USD pair is being quoted at 1.5701, down 0.10% for the day. Meanwhile, the UK 10-yr Gilt yield has weakened 2.3 basis points to trade at 1.888%.
Ftse Technical Levels
The index has an immediate support at 6500, under which losses could be extended to 6446 (Oct 2 low). On the flip side, a rise breach of immediate resistance at 6524 shall open doors for a re-test of 6559 levels.
The Ftse index traded 0.25% higher at 6516 levels at the time of writing, compared to the previous session’s close of 6529 levels. The index breadth is negative with an advance-decline ratio of 49:52. The Ftse Oil Equipment Services and Distribution index gained 2.12%, while the Oil and Gas index gained 1.72%. Both the indices had weakened sharply post the bearish Crude supply and demand forecasts from the Organization of Petroleum Exporting Countries (OPEC) group hit the wires yesterday. Meanwhile, the Metals and Mining index and Telecom index advanced 0.52% and 0.68% respectively.
Among the index stocks, shares in Tullow Oil gained 1.78%, followed by a 1.88% rise in share price of Petrofac. Shares in Royal Dutch Shell A. and Royal Dutch Shell B., advanced 1.595 and 1.27% respectively. British Petroleum gained 1.48%. On the minus side are stocks like Randgold -2.76%, Aberdeen AM -2.41%, 3I Group -1.83%, Bunzl -1.34%, and Fresnillo -1.33%.
On the currency front, the GBP/USD pair is being quoted at 1.5701, down 0.10% for the day. Meanwhile, the UK 10-yr Gilt yield has weakened 2.3 basis points to trade at 1.888%.
Ftse Technical Levels
The index has an immediate support at 6500, under which losses could be extended to 6446 (Oct 2 low). On the flip side, a rise breach of immediate resistance at 6524 shall open doors for a re-test of 6559 levels.