20 Jan 2015
FTSE gains 0.43%, gains capped by metal stocks
FXStreet (Mumbai) - The London’s Ftse index advanced today, although gains appear capped due to weakness in the metal stocks.
The index currently trades 0.43% higher at 6617 levels, compared to the previous session’s close at 6585.53 levels. The index breadth is positive with an advance-decline ratio of 80:20. The Ftse Oil and Gas index is up 0.68%, while the Bank index is up 0.45%. Meanwhile, the Ftse Industrial Metals and Mining index is down 0.59%, followed by a 0.46% decline in Insurance stocks.
Among the index stocks, Petrofac is the biggest gainer so far; up 4.55%, followed by a 2.52% gain in Sports Direct. On the losing side, Coca Cola HBC AG is the biggest loser so far; down 6.33%, while shares in Admiral are down 3.00%.
Moreover, the gains in the index are being restricted to some extend by the weak global growth forecast published by the International Monetary Fund earlier today. Furthermore, the metal stocks are trading weak after data in China showed full year GDP at 7.4%; its slowest rate in 24 years.
FTSE Technical Levels
The immediate resistance is seen at 6623, above which gains could be extended to 6651 levels. Meanwhile, support is seen at 6559 and 6503 levels.
The index currently trades 0.43% higher at 6617 levels, compared to the previous session’s close at 6585.53 levels. The index breadth is positive with an advance-decline ratio of 80:20. The Ftse Oil and Gas index is up 0.68%, while the Bank index is up 0.45%. Meanwhile, the Ftse Industrial Metals and Mining index is down 0.59%, followed by a 0.46% decline in Insurance stocks.
Among the index stocks, Petrofac is the biggest gainer so far; up 4.55%, followed by a 2.52% gain in Sports Direct. On the losing side, Coca Cola HBC AG is the biggest loser so far; down 6.33%, while shares in Admiral are down 3.00%.
Moreover, the gains in the index are being restricted to some extend by the weak global growth forecast published by the International Monetary Fund earlier today. Furthermore, the metal stocks are trading weak after data in China showed full year GDP at 7.4%; its slowest rate in 24 years.
FTSE Technical Levels
The immediate resistance is seen at 6623, above which gains could be extended to 6651 levels. Meanwhile, support is seen at 6559 and 6503 levels.