Panmure Gordon colleague Keith Baird reminded me of ex-US Treasury Secretary’s comment – US Dollar? – Our currency! – Your problem! – Surely that says it all!
Tapering – uncertainty – emerging countries currency furore – extreme volatility – no volumes – What a toxic cocktail! – the bane of every investor’s life! – We have it in spades here! It is as dead as a witch’s tit here in terms of activity! Mary Magdalene would not have felt uncomfortable in this environment in beautiful down town EC2/3/4/14!
Just to give you an idea of the solemnity of the market. GREATLAND announced some positive drilling news – no business – stock down 20% at the stroke of a pen! – crazy! EGDON RESOURCES – a recent market favourite – no news – down 8% this morning at 29.25p
The heavy duty brigade will have been very frustrated with the market’s machinations this morning. The FED’S Janet Yellen rules OK and emerging countries can go whistle for the time being!
At 11.35am the FTSE 100 is down 14 points at 6529. FTSE 250 is down 0.25%. US futures look methodically positive – not exciting – +0.2%. Not even Facebook’s decent numbers on the back of increased mobile advertising last night could stir the market out of its slumber. Diageo’s efforts did not pass muster – down 6.5%. 888 Holdings is off its best levels and is up 0.3%. BskyB was up over 4% at the opening but is now just 3.2% to the good. Good numbers but BT’s results and plans due tomorrow will provide evidence of comparative progress. The Pru was easier by 2.5%. Most insurance companies will be under the cosh. The weather claims will not have helped. Better news from Royal Dutch Shell has seen both A&B shares 2.5% better. Hats off to Panmure’s Alex de Groote! He thought Trinity Mirror was a snip – up 8% this morning. He also likes DMGT with Zoopla not hindering progress – up 0.6%
These are David Buik’s personal views
Twitter – @truemagic68
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