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26 Jan 2015
FTSE declines as miners continue to get smoked
FXStreet (Mumbai) - The London’s Ftse index retreated today as the Mining stocks and the Energy stocks continue to weaken.
The index traded 0.57% lower at 6793.80 levels at the time of writing, compared to the previous session’s close at 6837 levels. The index breadth is negative with an advance-decline ratio of 26:73. The Ftse Mining index is down 2.67%, followed by a 1.91% drop in Oil and Gas index.
Among stocks, Tullow Oil is the biggest loser so far, down 3.72%. Other major losers include Anglo American, BHP Billiton, Glencore Xstrata, and Rio Tinto. On the other hand, IAG is the top gainer so far, up 3.22%, followed by a 2.76% gain in Shire.
The Mining stocks extended losses as the Comex Copper weakened to USD 2.449/pound; down 2.04% for the day, while the drop in Brent Oil to USD 47.68/barrel has pressurized oil stocks.
FTSE Technical Levels
The immediate resistance is seen at 6795.80, above which gains could be extended to 6839.30. Meanwhile, support is seen at 6773.14 and 6750 levels.
The index traded 0.57% lower at 6793.80 levels at the time of writing, compared to the previous session’s close at 6837 levels. The index breadth is negative with an advance-decline ratio of 26:73. The Ftse Mining index is down 2.67%, followed by a 1.91% drop in Oil and Gas index.
Among stocks, Tullow Oil is the biggest loser so far, down 3.72%. Other major losers include Anglo American, BHP Billiton, Glencore Xstrata, and Rio Tinto. On the other hand, IAG is the top gainer so far, up 3.22%, followed by a 2.76% gain in Shire.
The Mining stocks extended losses as the Comex Copper weakened to USD 2.449/pound; down 2.04% for the day, while the drop in Brent Oil to USD 47.68/barrel has pressurized oil stocks.
FTSE Technical Levels
The immediate resistance is seen at 6795.80, above which gains could be extended to 6839.30. Meanwhile, support is seen at 6773.14 and 6750 levels.