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23 Jan 2015
FTSE gains for seventh consecutive session
FXStreet (Mumbai) - The London’s Ftse index gained for the seventh consecutive session, supported by gains in the telecom shares on the prospects of reduced competition due to M&As.
The index currently trades 0.33% higher at 6819 levels, compared to the previous session’s close at 6798.30 levels. The index breadth is positive with an advance-decline ratio of 66:34 levels. The Telecom index is up 1.4%, followed by a 1.37% gain in the Industrial Metals and Mining Index.
Among stocks, Telecom group BT and Vodafone gained more than 1% after a deal by Three's owner Hutchison Whampoa to buy Telefonica's O2 British mobile business. Other major gainers are CRH, Mondi, and Shire, all up in the range of 2.6% to 1.8%. Meanwhile, the losing side includes Tullow Oil; down 3.8%, Antofagasta; down 3.13%.
The index opened higher due to the risk-on rally triggered by the European central Bank’s (ECB) expansion of the monetary stimulus program. However, the index is inching lower towards the previous session’s close at 6798.30 levels. Meanwhile, a better-than-expected UK retail sales data failed to have any material impact on the stock markets.
FTSE Technical Levels
The immediate support is seen at 6798.30, under which prices can test 6773.14 (Nov. 21 high). Meanwhile, resistance is seen at 6839.90 and 6876 levels.
The index currently trades 0.33% higher at 6819 levels, compared to the previous session’s close at 6798.30 levels. The index breadth is positive with an advance-decline ratio of 66:34 levels. The Telecom index is up 1.4%, followed by a 1.37% gain in the Industrial Metals and Mining Index.
Among stocks, Telecom group BT and Vodafone gained more than 1% after a deal by Three's owner Hutchison Whampoa to buy Telefonica's O2 British mobile business. Other major gainers are CRH, Mondi, and Shire, all up in the range of 2.6% to 1.8%. Meanwhile, the losing side includes Tullow Oil; down 3.8%, Antofagasta; down 3.13%.
The index opened higher due to the risk-on rally triggered by the European central Bank’s (ECB) expansion of the monetary stimulus program. However, the index is inching lower towards the previous session’s close at 6798.30 levels. Meanwhile, a better-than-expected UK retail sales data failed to have any material impact on the stock markets.
FTSE Technical Levels
The immediate support is seen at 6798.30, under which prices can test 6773.14 (Nov. 21 high). Meanwhile, resistance is seen at 6839.90 and 6876 levels.