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FTSE 100 FALLS AS MINING STOCKS DROP; BOE IN FOCUS - Capital Street FX

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    • FTSE 100 FALLS AS MINING STOCKS DROP; BOE IN FOCUS
30-Apr
19:08 IST

FTSE 100 futures are currently trading at 7349-lower by 0.63% as compared to the previous closing. The contract, however, closed in the positive territory in the last trading session.

In the cash markets, the blue-chip share index inched down 0.38% to 7,412.10 at the time of writing. The broad-market index inched down today as mining stocks declined following weak data from China, while restaurant group Whitbread fell after issuing a weak forecast.

The midcap index FTSE 250 was down 0.47% at the time of writing.

Index-component Whitbread lost 3.58% after forecasting weak room revenue growth in the UK.

Mining stocks dropped today as the price of most industrial metals fell. Antofagasta and Anglo American lost 2.17% and 2.23% respectively at the time of writing.

Mining company Glencore fell 3.5% as severe flooding in Australia led it to lower its 2019 copper output target.

Financial shares exposed to Asia including HSBC and Prudential were also trading in negative territory at the time of writing.

On the other hand, oil major BP rose 1.83% after reported its earnings earlier today that was in line with market expectation. The company reported its first-quarter underlying replacement cost profit at $2.4 billion above the consensus estimates of $2.3 billion.

Index-member Standard Chartered rose 8.21% after it announced share buyback plan of up to $1billion, it’s first such in at least 20 years. The bank also posted better-than-expected earnings.

Index-component GlaxoSmithKline (up 0.11%) will release its results on Wednesday.

On the economic front, U.K. Nationwide Housing Prices for April is scheduled to be released early on Wednesday. Housing Prices are expected to rise by 0.1% on an MoM basis.

The Bank of England’s interest rate decision is scheduled to be released on Thursday. No change in policy is expected and Interest rates are expected to hold at 0.75%.

On the technical front, the RSI is currently at 53.98% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.

Overall Bias is negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Sell at 7355. Take Profit at 7325. Stop Loss at 7370

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