Spreadex Market Update

FTSE remains flat as utilities perform well 



The FTSE 100 has remained fairly flat during today’s session as market participants await a sense of direction with data on the scarce side. Utilities constituents have performed the best with United Utilities and National Grid adding over 1.5 percent by midday. Despite the fact the FTSE 100 has risen over 14.5 percent since the start of the year, the majority of analysts expect the index to continue to rise in the near future.

Whilst we await to see if the FTSE 100 can surpass its 2007 high of 6760, the SPX 500 index has continued to climb for four consecutive weeks now, trading at an all-time high. The SPX 500 has surged 146 percent from a 12-year low in 2009, driven by better-than-estimated corporate earnings and three rounds of bond purchases from the Federal Reserve.

In another blow to Marks & Spencer, the British retailer is expected to report its lowest annual profit in four years tomorrow. Despite seeing growth in food sales, the struggling general merchandise division continues to weigh heavily. Analysts forecast a profit before tax and one-off items of 640-670 pounds. Analysts do, however, forecast a maintained 17 pence a share dividend for the firm.

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