11 Feb 2015
FTSE turns southwards as commodity stocks weakens
FXStreet (Mumbai) - The London’s Ftse index retreated today due to weakness in the commodity stocks, while ARM holdings surged on upbeat quarterly results.
Commodity names fall
Shares in Tullow Oil fell 2.34% after the company reported a loss for 2014 due to sliding oil prices and said it would suspend its dividend. Other energy shares like BG group, Royal Dutch Shell A, Royal Dutch Shell B fell in a range of 1.5% to 0.9%. Mining stocks like Anglo American and BHP Billition also fell 1.57% and 1.4% respectively.
ARM Holdings gains 4%, Sky PLC falls 3%
Shares in ARM Holdings advanced 4.12%, after the British microchip designer, posted a net profit in the fourth quarter on strong royalty revenue. The company is also lifting its dividend to 4.5 pence, pushing up its full 2014 dividend by 23% to 7 pence.
Meanwhile, shares in Sky PLC fell 3.46%, after the company paid a very high price to retain Premier League Soccer TV rights.
Attention now shifts to the Bank of England’s (BOE) Quarterly Inflation Report due for release tomorrow. Markets are looking out for the BOE to reduce its inflation forecast to near zero levels. In the meantime, the Greece issue is likely to take the center stage.
FTSE Technical Levels
The index currently trades 0.40% lower at 6802 levels. The immediate support is seen at 6773.14 (Nov. 21st high) and 6731.99 (Feb. 2nd low). On the flip side, resistance is seen on the hourly chart at 6847.80 and 6887.80 levels.
Commodity names fall
Shares in Tullow Oil fell 2.34% after the company reported a loss for 2014 due to sliding oil prices and said it would suspend its dividend. Other energy shares like BG group, Royal Dutch Shell A, Royal Dutch Shell B fell in a range of 1.5% to 0.9%. Mining stocks like Anglo American and BHP Billition also fell 1.57% and 1.4% respectively.
ARM Holdings gains 4%, Sky PLC falls 3%
Shares in ARM Holdings advanced 4.12%, after the British microchip designer, posted a net profit in the fourth quarter on strong royalty revenue. The company is also lifting its dividend to 4.5 pence, pushing up its full 2014 dividend by 23% to 7 pence.
Meanwhile, shares in Sky PLC fell 3.46%, after the company paid a very high price to retain Premier League Soccer TV rights.
Attention now shifts to the Bank of England’s (BOE) Quarterly Inflation Report due for release tomorrow. Markets are looking out for the BOE to reduce its inflation forecast to near zero levels. In the meantime, the Greece issue is likely to take the center stage.
FTSE Technical Levels
The index currently trades 0.40% lower at 6802 levels. The immediate support is seen at 6773.14 (Nov. 21st high) and 6731.99 (Feb. 2nd low). On the flip side, resistance is seen on the hourly chart at 6847.80 and 6887.80 levels.