Spreadex Market Update
Erratic trading continues as quiet afternoon magnifies Chinese jitters
In fact, the US markets, after a mild, but still green, open have fallen into negative territory, the Dow Jones now down by around 25 points. There was little to distract investors from the markets skittish behaviour this afternoon, in turn helping to magnify and exacerbate the very jitters causing such inconsistent trading.
The Eurozone indices were, as always, the greatest source of movement this Tuesday. From a near 1% increase at the open to a half a percent fall at lunchtime, the DAX and CAC are now up by around 10 points each, tumbling away from the their early afternoon highs and the likeliest candidates for a red end to the day.
The FTSE, somewhat against the odds, has remained the most resilient index throughout the day. Despite its weighty mining sector (normally an insurmountable obstacle for the index) the FTSE has managed to climb to a 50 point increase this Tuesday, lifted by its rebounding commodity stocks and ignoring a clothing sector that is suffering some post-Next result/warm weathered-inspired fears ahead of the forthcoming earnings season.
One of the more unlikely sources of growth this Tuesday came from the Home Retail Group. A prime candidate to struggle in the aftermath of a reportedly tough Christmas period, the stock surged nearly 40% following the revelation from Sainsbury’s that the owner of Argos and Homebase had rejected a takeover bid from the supermarket back in November. Investors appear to be more than buying into hopes that Home Retail Group can be saved from itself, sending the stock to a 2 and a half month high in the process.
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