Spread Betting - Updated Daily
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The Daily Update from Anthony Grech - Research Analyst, IG Index.
Spread Betting 19 Nov 08
The FTSE began lower in early trading despite yesterday's late rally, and was down by 67.6 points or 1.6% at 9am.
The FTSE has been led downwards this morning by the mining sector as metal prices slide, with Lonmin 6.6% weaker; Xstrata down by 6.3% and Vedanta Resources 5.3% off around 9.30am. Legal & General Group topped the fallers though, 9.1% down, while building materials firm Wolseley - fresh from yesterday's announcement of a further 2300 job cuts and the closure of 200 outlets - was 7.3% weaker.
On the positive side though, HBOS (+8.7%) was among the early leaders in the UK's blue-chip index, with shareholders in Lloyds TSB set to vote later on the intended takeover of the bank. Credit agency Experian (+13.3%) was the only blue-chip ahead in the leaderboard. Man Group (+3.95), Thomas Cook (+2.2%) and ICAP (+2.1%) also enjoyed an early boost on Wednesday.
A volatile session in the US ultimately saw the Dow Jones (Wall Street) close up 151.2p (+1.8%) to 8424.8p on the back of some rare positive company results, though Europe's leading indices have followed the FTSE lower this morning. At 10am the Dax 30 was 61.6 points (-1.3%) weaker to 4517.9, while the French CAC 40 had fallen 50.8 points (-1.6%) to 3166.6.
In UK retailing, Woolworths has revealed that it is in talks about a potential takeover after rejecting a previous bid from the Iceland founder Malcolm Walker in August. The Woolworths chain store, now almost 100 years old, has seen its share price plunge by 83% this year as the economic downturn has hit business, also announcing a record six-month loss. [1]
November's minutes from the latest Bank of England meeting were released earlier this morning, and showed a unanimous 9-0 vote in favour of the 1.5% slash in rates, which was the biggest cut in 17 years. An even larger cut was discussed but discounted due to the potential shockwave it may have caused in financial markets. [2]
The latest CPI figures will be of great interest across the Atlantic at 1.30pm (London time), particularly after yesterday's 16-year record month-on-month fall in UK inflation to 4.5%. The latest surveys in the US point towards a similarly significant drop. Among a busy midweek schedule in the US, last month's Housing Starts and Building Permits will offer clues to the latest trends in the beleaguered housing market.
[1] Source: bbc.co.uk (19 Nov 2008)
[2] Source: bbc.co.uk (19 Nov 2008)
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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"Spread Betting - Updated Daily" written by AG, last updated 19-Nov-2008
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