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8 Jan 2015
FTSE surges, Tesco gains 12%
FXStreet (Mumbai) - The London’s Ftse advanced today extending the rally seen on the Wall street after the Federal Reserve (Fed) minutes released yesterday erased possibility of an interest rate before late April this year.
The index currently trades 2.15% higher at 6557 levels, compared to the previous session’s close at 6419.83 levels. The index breadth is positive with an advance-decline ratio of 93:9. Among stocks, Tesco shares jumped 12%, after after unveiling a restricting plan that would cut prices at stores. Strength in Tesco also pulled up rivals Sainsbury and WM Morrison, up 9.49% and 7.18% respectively.
Meanwhile, shares in Marks and Spencer declined 3.47% after it warned of delivery woes. The company posted a worse-than-expected drop in underlying sales of clothing, gifts and homeware over Christmas.
Ftse Technical Levels
The immediate support is seen at 6576.74 (Jan. 5 high), above which gains could be extended to 6527.91 (Oct. 6 high). Meanwhile, support is seen at 6500.00 and 6476.70 levels.
The index currently trades 2.15% higher at 6557 levels, compared to the previous session’s close at 6419.83 levels. The index breadth is positive with an advance-decline ratio of 93:9. Among stocks, Tesco shares jumped 12%, after after unveiling a restricting plan that would cut prices at stores. Strength in Tesco also pulled up rivals Sainsbury and WM Morrison, up 9.49% and 7.18% respectively.
Meanwhile, shares in Marks and Spencer declined 3.47% after it warned of delivery woes. The company posted a worse-than-expected drop in underlying sales of clothing, gifts and homeware over Christmas.
Ftse Technical Levels
The immediate support is seen at 6576.74 (Jan. 5 high), above which gains could be extended to 6527.91 (Oct. 6 high). Meanwhile, support is seen at 6500.00 and 6476.70 levels.