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10 Dec 2014
FTSE edges higher, Energy and Mining stocks cap gains
FXStreet (Mumbai) - The London’s Ftse edged higher today on the back of a positive move in most of the sector stocks except Oil and Gas, Mining, and Mobile Telecom stocks.
The Ftse traded 0.41% higher at 6556.30 at the time of writing, compared to the previous session’s close of 6529.47. The index breadth is positive today, with an advance-decline ratio of 84:16. The gains in the index are being capped by weakness in the Energy and Mining stocks. The Ftse Oil and Gas index is trading more or less unchanged, while the Mining index is down 0.03%. The Mobile Telecom index retreated 0.27%. Other sectors with exposure to metals are trading marginally higher. Meanwhile, the Technology Hardware and Equipment stocks and the Aerospace and defense stocks advanced 1.54% and 1.42% respectively.
Among the index stocks, shares in Ashtead gained 6.27% after the company raised its full-year earnings guidance after posting a 33% rise in first-half profits today. Meanwhile, Tullow Oil gained 4.19%, followed by a 3.29% gain in Carnival share price.
On the minus side are shares in Glaxosmithkline, down 1.61%, followed by more than 0.5% losses in share price of Standard Chartered and Burberry. Royal Dutch Shell A., and Petrofac retreated 0.54% and 0.59% respectively.
On the data front, the UK balance of trade in October is due for release today at 9:30 GMT. A sharp fall in the deficit, beating market expectations, may support the stock prices. Meanwhile, the GBP/USD pair trades 0.13% higher at 1.5688, while the 10-yr Gilt yield is up 1.1 basis points at 1.901%.
Ftse Technical Levels
The index has an immediate resistance located at 6559 (Nov 3 high), above which a stiff resistance is seen at 6631.50 levels. Meanwhile, support is located at 6503-6500 and 6446 levels.
The Ftse traded 0.41% higher at 6556.30 at the time of writing, compared to the previous session’s close of 6529.47. The index breadth is positive today, with an advance-decline ratio of 84:16. The gains in the index are being capped by weakness in the Energy and Mining stocks. The Ftse Oil and Gas index is trading more or less unchanged, while the Mining index is down 0.03%. The Mobile Telecom index retreated 0.27%. Other sectors with exposure to metals are trading marginally higher. Meanwhile, the Technology Hardware and Equipment stocks and the Aerospace and defense stocks advanced 1.54% and 1.42% respectively.
Among the index stocks, shares in Ashtead gained 6.27% after the company raised its full-year earnings guidance after posting a 33% rise in first-half profits today. Meanwhile, Tullow Oil gained 4.19%, followed by a 3.29% gain in Carnival share price.
On the minus side are shares in Glaxosmithkline, down 1.61%, followed by more than 0.5% losses in share price of Standard Chartered and Burberry. Royal Dutch Shell A., and Petrofac retreated 0.54% and 0.59% respectively.
On the data front, the UK balance of trade in October is due for release today at 9:30 GMT. A sharp fall in the deficit, beating market expectations, may support the stock prices. Meanwhile, the GBP/USD pair trades 0.13% higher at 1.5688, while the 10-yr Gilt yield is up 1.1 basis points at 1.901%.
Ftse Technical Levels
The index has an immediate resistance located at 6559 (Nov 3 high), above which a stiff resistance is seen at 6631.50 levels. Meanwhile, support is located at 6503-6500 and 6446 levels.