Spreadex Market Update
Low volume day
The FTSE fell as low as 5763.51 early on in the day, however over the day we have seen a small recovery to the 5800 with the index likely to finish the day flat.
Perhaps unsurprisingly Insurers have been hit hardest following the news with Old Mutual, Prudential, Admiral and Aviva all down for the day.
Following disappointing US corporate earnings earlier this month this latest problem is likely to create an even larger drag on volumes and October is likely to be the third quietest month in terms of volumes this year.
With trading updates due from Barclays, Lloyds and RBS this week it is increasingly likely that we will hear that the lack of activity has had a detrimental effect on said companies’ earnings.
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