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Spread Betting Update: FTSE trades around 6000 as Oil firms lag

12-31-2010 10:49 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: City Index

Spread betting expert Joshua Raymond

Spread betting expert Joshua Raymond

Joshua Raymond, spread betting expert and Market Strategist at City Index (http://www.cityindex.co.uk), discusses EU market activity on 30th December:

“Weakness in heavyweight energy stocks BP, due to an equipment malfunction at its Cherry Point refinery, and BG Group has weighed marginally on the FTSE 100 Index on Thursday, which traded flat to hover near the psychologically important 6000 level.

Not much activity is expected over the course of the session of course, with many traders eyeing their New Years Eve parties tomorrow rather than any stock picking.

Most of the early activity we have seen thus far has been one of small share sales in energy firms and speculative buys in the miners, which continue to bull their way higher after Copper hit a new record high yet again today.

Shareholders of the key miners have firmly shrugged off both the Chinese rate hike and data out this morning which showed that Chinese Purchasing Managers Index fell to a three month low in December, indicating that business expansion in the world’s fastest growing economy could be slowing.

It will be interesting to see how much of the December rally was hot air when traders return to their desks on mass in January and look at equity prices that have rallied over 8% in December alone. There is every chance that there could be a small correction into the new year as prices normalise with the return of normal market volumes but if the FTSE can retain above the 5900, there is every chance the rally may continue into the new year.”

Keep up with market activity wherever you are with City Index’s mobile trading platform. Learn more about it at http://www.cityindex.co.uk/trading-platform/mobile-trading-platform.aspx.

You can also practice your trading with a virtual cash balance, courtesy of City Index’s free demo account. Get started in minutes at http://www.cityindex.co.uk/learn-to-trade/demo-account.aspx.

About City Index:

Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.

As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, CFDs (http://www.cityindex.co.uk/cfd-trading/) and in the UK financial spread betting (http://www.cityindex.co.uk/spread-betting/).

We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers benefit from innovative iPhone spread betting tools (http://www.cityindex.co.uk/trading-platform/iphone-trading-platform.aspx) with transparent pricing, competitive spreads, and a high standard of customer service and support.

Spread bets and CFDs are leveraged products which can result in losses greater than your initial investment. These products may not be suitable for all investors and you should ensure you fully understand the risks involved.

For more information, visit http://www.cityindex.co.uk/.

Joshua Raymond, City Index, Park House, 16 Finsbury Circus, London EC2M 7EB

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