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21 May 2015
FTSE trades flat above 7000
FXStreet (Mumbai) - The London’s blue-chip Ftse index trades flat at the time of writing, with shares in supermarket retailer Tesco moving higher on hopes of a sale of its South Korean business Homeplus.
Tesco gains 1.3%
Shares in Tesco advanced 1.3%, after news hit the wires that it would start the sales process for its South Korea unit in July. However, Tesco refrained from confirming the media speculation.
Retail stocks have been lifted by the rebound in retail sales in April showed by ONS figures. Miners are also gaining despite weaker Chinese economic data. BHO Billiton and Rio Tinto progressed on speculation that a weak data would push PBOC towards more monetary easing.
Meanwhile, losing side includes shares in luxury goods group Burberry, which fell 1.6%, following a 5% loss seen in the previous session after the company cut its 2016 profit guidance.
FTSE Technical Levels
The index currently trades at 7010.30. The immediate resistance is located at 7083.72 (May. 11 high), above which the index may re-test the record high of 7122.74 (Apr. 27 high). On the flip side, a break below 6979.32 (Apr. 17 low) could drive the index lower to 6931.64-6900.00 levels.
Tesco gains 1.3%
Shares in Tesco advanced 1.3%, after news hit the wires that it would start the sales process for its South Korea unit in July. However, Tesco refrained from confirming the media speculation.
Retail stocks have been lifted by the rebound in retail sales in April showed by ONS figures. Miners are also gaining despite weaker Chinese economic data. BHO Billiton and Rio Tinto progressed on speculation that a weak data would push PBOC towards more monetary easing.
Meanwhile, losing side includes shares in luxury goods group Burberry, which fell 1.6%, following a 5% loss seen in the previous session after the company cut its 2016 profit guidance.
FTSE Technical Levels
The index currently trades at 7010.30. The immediate resistance is located at 7083.72 (May. 11 high), above which the index may re-test the record high of 7122.74 (Apr. 27 high). On the flip side, a break below 6979.32 (Apr. 17 low) could drive the index lower to 6931.64-6900.00 levels.