FTSE 100 set to rise in early trade as gold, silver and platinum climb
Overview: yesterday’s volatile session ended with gains for the US stock market, which was lifted by a strong performance from Bank of America (NYSE: BAC), which said its integration with Merrill Lynch was progressing ahead of schedule, and American Express (NYSE: AXP), up 1.6% on the news that billing in October rose 3%.
The Dow Jones Industrial Average rose 0.2% to 10,246 to set a new high for this year, the broader S&P 500 index was flat, while the technology heavy Nasdaq composite declined 0.15%.
Asian markets were mixed. Hong Kong’s Hang Seng rose 0.7%, Japan’s Nikkei was flat as yen strengthened, while China’s Shanghai composite index inched 0.1% lower.
Oil prices declined slightly with December Brent Crude moving down to US$77.31/barrel and US light, sweet crude for December delivery sliding to US$78.86/barrel.
Metal prices continued their climb. Gold hit US$1,108/oz, silver rose to US$17.38/oz, while platinum reached US$1,360/oz.
Base metals recouped some of yesterday’s losses as copper and nickel climbed to US$2.95/lb and US$7.66/lb respectively, while zinc rose to US$0.97/lb.
The FTSE 100 is projected to track gains on Wall Street and add about 30 points, or 0.6% in early trade. The blue chip index snapped its four day winning streak yesterday, inching about 4 points lower as it was dragged down by losses from banking group Barclays (LSE: BARC), gold miner Randgold Resources (LSE: RRS), silver miner Fresnillo (LSE: FRES) and copper producers Kazakhmys (LSE: KAZ) and Antofagasta (LSE: ANTO), which emerged as the leading fallers in the index yesterday. Oil stocks also were in decline with Cairn Energy (LSE: CNE) and Petrofac (LSE: PFC) shedding 2.5%.
Banking group HSBC (LSE: HSBA), tobacco giant Imperial Tobacco (LSE: IMT), utility company Severn Trent (LSE: SVT), medical devices manufacturer Smith & Nephew (LSE: SN) and asset management firm Schroders (LSE: SDRC) ended the day atop the leaderboard with gains of over 2%.
Register here to be notified of future UK Market Wrap articles.
Other UK Market Wrap articles
-
18/12/09 The UK banking sector has split into a two tier system – Fat Prophets
-
24/10/08 Shares plunge as Global Recession fears increase
-
10/10/08 Is the FTSE 100 heading for 3280 low of 2003?
Other UK Market Wrap news
-
18/03/10 FTSE 100 pares losses on positive US data, commodities mixed
-
18/03/10 Morning news wrap: Rolls-Royce, Aviva, African Diamonds, London Mining, ReNeuron Group
-
18/03/10 FTSE 100 seen lower ahead of US inflation and jobless data, commodities retreat
-
17/03/10 FTSE 100 adds 0.5% as Dow Jones, S&P 500 and NASDAQ rise early
-
17/03/10 Morning news wrap: Derwent London, Hikma, Chemring, Northgate, Gemfields
-
17/03/10 FTSE 100 set for higher open as Fed rates stay unchanged, commodities rise
-
16/03/10 FTSE 100 adds 0.6% as commodities gain ahead of Federal Reserve meeting
-
16/03/10 Morning news wrap: G4S, Aurelian Oil & Gas, JKX, Gazprom, Synchronica
-
16/03/10 FTSE 100 seen higher after late rally on Wall Street, Asian stocks mixed
-
15/03/10 FTSE 100 falls on weak US manufacturing and industrial output data
Investors interested in UK Market Wrap recently viewed
-
AmerAlia Inc. (OTCBB: .AALA)
-
Andover Ventures Inc. (TSX-V: .AOX)
-
Animas Resources Ltd (TSX-V: .ANI)
-
Augur Resources (ASX: .AUK)
-
Baobab Resources (AIM: BAO)
-
Black Ridge Mining (ASX: .BRD)
-
Blackthorn Resources (ASX: .BTR)
-
EurOmax Resources (TSX-V: .EOX)
-
Eurotin Inc. (TSX-V: .ERT.P)
-
Extorre Gold Mines Limited (TSX: XG)
-
Gunson Resources Limited (ASX: GUN)
-
Metallica Minerals Ltd (ASX: .MLM)
-
Mineweb (.: Mineweb)
-
Mosquito Consolidated Gold Mines (TSX-V: .MSQ)
-
North River Resources (AIM: NRRP)
-
NQ Exploration Inc (TSX-V: NQE)
-
Platmin (TSX: PPN)
-
Pro Minerals Inc. (TSX-V: PRM)
-
Robust Resources Limited (ASX: .ROL)
-
Silver Swan Group (ASX: .SWN)
-
South Boulder Mines (ASX: .STB)
-
Stirling Resources (ASX: .SRE)
-
Strzelecki Metals (ASX: .STZ)
-
Tarsis Resources (TSX-V: .TCC)