Strong metal prices push the FTSE back towards its highs
City Index April 8, 2011 10:19 PM
<p>European stock indexes closed firmly in the black on Friday with gains of between 0.4 and 0.8 percent. On a day with very little in […]</p>
European stock indexes closed firmly in the black on Friday with gains of between 0.4 and 0.8 percent. On a day with very little in the way of market moving data investors continued to trade with the trend and push the FTSE 100 back towards its early 2011 highs.
European markets have also been helped today from a good overnight session in the Far East, as Asian markets shrugged off another earthquake in Japan. The quake that happened late yesterday had not done any new major damage and index losses were quickly reversed.
The mining sector was once again the shining light on the commodity heavy FTSE, accounting for 22 points of today’s move at 4pm. Anglo American was the biggest gainer on the day +3.4%, followed closely by Rio Tinto +2.9%, Fresnillo +2.4% and Xstrata +2.3%. Of the top ten biggest winners on the day 9 were miners.
One sore point today was ICAP, the UK listed interdealer broker, who traded down to a low of 516.35p (-23.65p) following a cut to ‘underperform’ from ‘neutral’ at Credit Suisse. Going into the close ICAP was the leading loser on the day trading down around 4%.
Going into next week investor focus will be firmly back on the macroeconomic numbers coming out of Europe and the States The key report that will probably draw the most attention will be Wednesdays release of U.S. Retail Sales.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.