12 Dec 2014
FTSE tanks as Energy shares resume sell-off
FXStreet (Mumbai) - The London’s Ftse is being driven lower by the renewed sell-off in the Energy shares and Mining shares after the International Energy Agency cuts its global oil demand forecast for 2015.
The Ftse traded 1.31% lower at 6378.50 levels at the time of writing, compared to the previous session’s close of 6461.70. The index breadth is negative with an advance-decline ratio of 4:96. The Ftse Oil Equipment Services and Distributions index weakened 2.59%, while the Oil and Gas index weakened 1.74%. The Auto and Parts index retreated 2.41%, along with a 1.86% fall in the Mining index. All sectors are trading in the red.
Among the index stocks, Petrofac is down 4.59%, followed by Persimmon, which is down 3.59%. Shares in Tullow Oil retreated 3.41%. On the plus side are shares in Weir Group and United utilities, up 1.42% and 3.04% respectively. Severn Trent is up 1.36%.
Meanwhile, the UK construction output declined month-on-month in October, while registering a weakest year-on-year growth since May 2013. The GBP/USD pair has weakened 0.16% to 1.5708, while the 10-yr Gilt yield declined 5.8 basis points to 1.85%.
Ftse Technical Level
The index has an immediate support located at 6336, under which losses could be extended to 6294 levels. Meanwhile, resistance is seen at 6446 and 6553 levels.
The Ftse traded 1.31% lower at 6378.50 levels at the time of writing, compared to the previous session’s close of 6461.70. The index breadth is negative with an advance-decline ratio of 4:96. The Ftse Oil Equipment Services and Distributions index weakened 2.59%, while the Oil and Gas index weakened 1.74%. The Auto and Parts index retreated 2.41%, along with a 1.86% fall in the Mining index. All sectors are trading in the red.
Among the index stocks, Petrofac is down 4.59%, followed by Persimmon, which is down 3.59%. Shares in Tullow Oil retreated 3.41%. On the plus side are shares in Weir Group and United utilities, up 1.42% and 3.04% respectively. Severn Trent is up 1.36%.
Meanwhile, the UK construction output declined month-on-month in October, while registering a weakest year-on-year growth since May 2013. The GBP/USD pair has weakened 0.16% to 1.5708, while the 10-yr Gilt yield declined 5.8 basis points to 1.85%.
Ftse Technical Level
The index has an immediate support located at 6336, under which losses could be extended to 6294 levels. Meanwhile, resistance is seen at 6446 and 6553 levels.