28 Apr 2015
FTSE drops 0.50%
FXStreet (Mumbai) - The London’s Ftse index retreated 0.50% on Tuesday after hitting record highs in the previous session amid the election uncertainty.
Pharma and Mining stocks fall
The Ftse Pharmaceutical and Biotechnology index dropped 1.7%. Shares in Shire fell 2.02%. The stock fell despite Jefferies Group reiterated their buy rating on shares of Shire PLC in a research report sent to investors on Monday morning. Meanwhile, the Ftse Mining index fell 0.50%.
Among the index stocks, Coco Cola gained 2.25%, Royal Mail gained 1.57%. The losers include names like Astrazeneca -1.79%, Carnival - 1.49%.
On the macro front, the UK GDP first quarter data is due for release today. The year-on-year GDP is seen lower at 2.6%, compared to the previous reading of 3.0%, mainly on account of a slowdown in the retail sales growth.
FTSE Technical Levels
The immediate resistance is located at 7095.36, above which the gains could be extended to 7122.74 (record high). On the flip side, a break below 7030 could drive the prices lower to 6979.32.
Pharma and Mining stocks fall
The Ftse Pharmaceutical and Biotechnology index dropped 1.7%. Shares in Shire fell 2.02%. The stock fell despite Jefferies Group reiterated their buy rating on shares of Shire PLC in a research report sent to investors on Monday morning. Meanwhile, the Ftse Mining index fell 0.50%.
Among the index stocks, Coco Cola gained 2.25%, Royal Mail gained 1.57%. The losers include names like Astrazeneca -1.79%, Carnival - 1.49%.
On the macro front, the UK GDP first quarter data is due for release today. The year-on-year GDP is seen lower at 2.6%, compared to the previous reading of 3.0%, mainly on account of a slowdown in the retail sales growth.
FTSE Technical Levels
The immediate resistance is located at 7095.36, above which the gains could be extended to 7122.74 (record high). On the flip side, a break below 7030 could drive the prices lower to 6979.32.