Indices Spread Betting: FTSE 100 Opens Higher on Mining Stock Performances
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For today's update see Spread Betting Daily.
The Daily Update from Anthony Grech, Research Analyst, IG Index.
Spread Betting 23 January 2011: 10.45am Update
The FTSE 100 moved slightly higher this morning, held up by mining stocks, but the overall atmosphere remained nervous due to the absence of any deal surrounding Greece's Herculean debt pile
By 10.15am (London time), the FTSE 100 was up 0.28% at 5744.58, while the FTSE 250 had risen 30.54 points to 10,856.23. European markets dropped back however, on the failure of Greek debt talks to produce a resolution.
No news yet from Greece
Each day last week brought new hope that a debt deal between Greece and its myriad of private creditors would finally come to fruition. However, no such deal materialised, and over the weekend officials left Athens.
Although both sides have spouted the usual obligatory phrases about being hopeful of a successful resolution, the atmosphere remains worryingly tense.
It had been hoped that a solution would have been found by today, when Eurozone finance ministers meet for yet another talking shop in Brussels, but officials will gather without any sign that a solution is on its way.
Greece's creditors have said that they have made their maximum possible offer, with the attendant threat that any more demands from Greece to accept greater haircuts will mean that the swap is no longer deemed 'voluntary'.
This would trigger a default for Greece, with all the unpleasant consequences for that country and the wider Eurozone.
Much of last week's momentum was built on the belief that a deal for Greece was on its way, and this helped the various debt auctions last week to go well.
If hopes for a deal dissipate, then this week could be much harder for any nations attempting to entice investors into buying their debt. France and Germany both have short-term auctions today, with the Netherlands, Spain and Italy all queuing up to auction debt later in the week.
Hopes rise now that today's meeting might produce some good news, particularly if an agreement can be reached on terms for a Greek debt restructuring.
Oil firms on the up
Cairn Energy rose 1.1% to 293.8p following news that it has launched a partnership with Statoil to pursue further exploration work on oilfields off Greenland.
Cairn's efforts so far in the northern seas have failed to meet with the same success as its fields in the warmer waters of the Indian Ocean, leaving investors rather unhappy.
Cairn did not comment on whether it had been in talks with small cap explorer Rockhopper, which is currently searching for oil around the Falkland Islands.
Press reports suggested the two had been in conversation, but Cairn has not dropped any hints about what it might do with its $1.2 billion cash pile.
Also in the oil sector, support service firm Hunting said that it expects results for the year to be above market expectations.
Strong performance from its North American and Asian operations have boosted revenue, and demand is expected to remain strong throughout 2012. Hunting shares gained 4.7% to 861.5p.
Looking ahead
US futures point to a lower start for Wall Street this afternoon, with the Dow down 21 points and the S&P 500 off by 3.4 points.
No US data is released this afternoon, so the focus of the financial spread betting market remains on the finance ministers meeting in Brussels.
Remember that financial spread betting is a leveraged product and can result in losses that exceed your initial deposit. Spread betting may not be suitable for everyone, so please ensure that you fully understand the risks involved.
The above comments do not constitute investment advice and neither IG Index nor SpreadBets.org.uk accept any responsibility for any use that may be made of them.
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"Indices Spread Betting: FTSE 100 Opens Higher on Mining Stock Performances" last update by AG, 23-Jan-2012
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