The Street of Dreams saw the light in early trading with the DOW adding 212 points (1.2%). It was felt that US equity markets had been oversold on the falling crude oil price. Would the FTSE 100 follow suit and respond to the errors of its ways? No! It made a feeble attempt to come back on the bridle. Having been down 50 points, it made a half-hearted attempt to regain poise and as I speak at 3.55pm it has limped back to be up a parsimonious 16 points at 6483. Volumes, though have been rather better than average today with 983 million shares having been traded on the LSE with 45 minutes to go.
We started the session with our noses just above the Plimsoll line, with positive results from Wood Group +1.25%, Ocado +4%, and Whitbread +0.9% leading the way. Sports Direct travelled and arrived -1% as did SuperGroup -0.5%. However before too long the appetite for mining stocks became non-existent with Anglo American falling by 2.6%, BHP by 2%, Rio by2% as was Glencore, though Ivan Glassenberg was upbeat about the future and far from dismissive about a future relationship with Rio. BG Group remains in the doldrums – -2.5%. There was little in the way of support for supermarkets – Tesco down another 1%, as was Morrison. Sainsbury made a pathetic attempt at a rally +0.25% as did M&S +0.75%.
As we I write the FTSE 100 is down 4.16% this year with the FTSE 350 down 3.8% and wait for it AIM is down 17.9%! How about this folks, the DOW is up 11% and the NASDAQ by 13% and if you take in currency considerations ($), they are up 17% and 18% respectively. It is interesting to note that larger cap shares in the FTSE 250 such as Quindell have had shockers, though Songbird is up about 80% this year!