9 Jan 2015
Housing sector downgrades hurts FTSE
FXStreet (Mumbai) - The London’s Ftse index declined after the housing stocks were hit by broker downgrades.
The index currently trades 0.51% lower at 6537 levels, compared to the previous session’s close at 6569.96 levels. The index breadth is negative with an advance-decline ratio of 40:60. The Ftse Household goods and Home Construction index declined by 1.45%, while Mining index declined by 2.53%. Bank index and Oil and Gas index fell 1.03% and 0.82% respectively.
Among stocks, Home builder Taylor Wimpey fell 4.89%, followed by a 4.59% fall in Barratt Developments. Persimmon PLC fell 4.06%. Meanwhile, shares of Tesco PLC fell 1% after Moody’s Investors Service cut its ratings on the supermarket chain to junk status. On the other hand, shares in Ashtead gained 3.05%, followed by a 2.48% gain in Marks&Spencer.
Moreover, Housing shares tumbled after Jefferies said it no longer recommends investors buy U.K. residential-linked shares under its coverage.
Ftse Technical Levels
The index has immediate resistance at 6581.70, above which gains could be extended to 6607 levels. On the other hand, support is seen at 6528 and 6500 levels.
The index currently trades 0.51% lower at 6537 levels, compared to the previous session’s close at 6569.96 levels. The index breadth is negative with an advance-decline ratio of 40:60. The Ftse Household goods and Home Construction index declined by 1.45%, while Mining index declined by 2.53%. Bank index and Oil and Gas index fell 1.03% and 0.82% respectively.
Among stocks, Home builder Taylor Wimpey fell 4.89%, followed by a 4.59% fall in Barratt Developments. Persimmon PLC fell 4.06%. Meanwhile, shares of Tesco PLC fell 1% after Moody’s Investors Service cut its ratings on the supermarket chain to junk status. On the other hand, shares in Ashtead gained 3.05%, followed by a 2.48% gain in Marks&Spencer.
Moreover, Housing shares tumbled after Jefferies said it no longer recommends investors buy U.K. residential-linked shares under its coverage.
Ftse Technical Levels
The index has immediate resistance at 6581.70, above which gains could be extended to 6607 levels. On the other hand, support is seen at 6528 and 6500 levels.