Retail stocks push FTSE higher, Energy shares weaken

FXStreet (Mumbai) - The gain in the Retailer stocks post Christmas-sales numbers pushed the London’s Ftse index higher, although gains were capped to some extend by weak energy shares.

The Ftse index traded 0.53% higher at 6535.30, compared to the previous session’s close at 6501.42 levels. The index breadth is positive with an advance-decline ratio of 83:20. Among stocks, shares in Morrissons jumped 5% after the company announced the departure of its CEO post the poor performance during the Christmas season. Shares in Centrica gained 3.77% after Morgan Stanley raised its stance on the stock to "overweight" from "equal-weight". The investment bank revised its price target for the stock to 325 pence from 305 pence.

Meanwhile, commodity stocks continue to weigh over the index. The UK mining index is down 0.75% after Copper prices fell to fresh five-year low. Oil and Gas index also fell 1% as Oil prices near six year low.

FTSE Technical Levels

The immediate resistance is seen at 6544, above which the index could re-test 6549 levels. Meanwhile, support is seen at 6472 and 6450 levels.