22 Jan 2015
FTSE gains ahead of ECB meeting
FXStreet (Mumbai) - The London’s Ftse index extended gains for the sixth consecutive session ahead of the highly anticipated European Central Bank (ECB) policy meeting.
The Ftse index traded 0.29% higher at 6747.28, compared to the previous session’s close at 6728.04 levels. The index breadth is positive with an advance-decline ratio of 67:34. The Ftse Industrial Metals and Mining index is up 3.86%, the Bank index is up 0.70%. The Ftse Oil and Gas index gained 0.47%.
Among the index stocks, Royal Mail is the top gainer; up 3.93%. The shares jumped after the company backed its view of 1% revenue growth for the nine-months ended Dec. 28. Other major gainer are PEtrofac, RSA Insurance, Ashtead, and Weir Group. Meanwhile, shares in Fresnillo, SSE, Imperial Tobacco have weakened in a range of 1.43% to 1.3%.
The stocks are likely to remain strong as investors are looking to the ECB, which is expected to announce a bond buying program and thereby provide stimulus to UK’s largest trading partner.
FTSE Technical Levels
The immediate resistance is seen at 6753.19, above which gains could be extended to 6773.14 levels. Meanwhile, support is seen at 6718 and 6672 levels.
The Ftse index traded 0.29% higher at 6747.28, compared to the previous session’s close at 6728.04 levels. The index breadth is positive with an advance-decline ratio of 67:34. The Ftse Industrial Metals and Mining index is up 3.86%, the Bank index is up 0.70%. The Ftse Oil and Gas index gained 0.47%.
Among the index stocks, Royal Mail is the top gainer; up 3.93%. The shares jumped after the company backed its view of 1% revenue growth for the nine-months ended Dec. 28. Other major gainer are PEtrofac, RSA Insurance, Ashtead, and Weir Group. Meanwhile, shares in Fresnillo, SSE, Imperial Tobacco have weakened in a range of 1.43% to 1.3%.
The stocks are likely to remain strong as investors are looking to the ECB, which is expected to announce a bond buying program and thereby provide stimulus to UK’s largest trading partner.
FTSE Technical Levels
The immediate resistance is seen at 6753.19, above which gains could be extended to 6773.14 levels. Meanwhile, support is seen at 6718 and 6672 levels.