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14 Jan 2015
Drop in commodities hurts FTSE
FXStreet (Mumbai) - The London’s Ftse index fell today as a drop in commodity prices to multi-year lows pushed mining stocks lower.
The index traded 1.33% lower at 6455.30 at the time of writing, compared to the previous session’s close at 6542.20 levels. The index breadth is negative with an advance-decline ratio of 18:82. The Ftse mining index is down a whooping 6.44% after Copper prices in London fell to fresh five and a half year lows today, while Nickel prices weakened to Feb 2014 levels. The Ftse Oil and Gas index also weakened 2.78%.
Among the index stocks, shares in Glencore Xstrata fell 8.91%, followed by a 8.495 fall in shares in Anglo-American. Antofagasta declined 7.44%, while BHP Billiton and Rio Tinto lost 5.62% and 4.99% respectively. Meanwhile, on the positive side are shares in Tesco; up 2.06%. BT Group, Royal mail, Astrazeneca and Hammerson have gained in a range of 1.2% and 1.7% each.
FTSE Technical Levels
The immediate resistance is seen at 6557.50, above which another resistance is seen at 6581 levels. On the other hand, a break below 6449.50, shall open doors for a sell-off towards 6400.00 levels.
The index traded 1.33% lower at 6455.30 at the time of writing, compared to the previous session’s close at 6542.20 levels. The index breadth is negative with an advance-decline ratio of 18:82. The Ftse mining index is down a whooping 6.44% after Copper prices in London fell to fresh five and a half year lows today, while Nickel prices weakened to Feb 2014 levels. The Ftse Oil and Gas index also weakened 2.78%.
Among the index stocks, shares in Glencore Xstrata fell 8.91%, followed by a 8.495 fall in shares in Anglo-American. Antofagasta declined 7.44%, while BHP Billiton and Rio Tinto lost 5.62% and 4.99% respectively. Meanwhile, on the positive side are shares in Tesco; up 2.06%. BT Group, Royal mail, Astrazeneca and Hammerson have gained in a range of 1.2% and 1.7% each.
FTSE Technical Levels
The immediate resistance is seen at 6557.50, above which another resistance is seen at 6581 levels. On the other hand, a break below 6449.50, shall open doors for a sell-off towards 6400.00 levels.