MARKET UPDATE

It’s 11.36am – The FTSE is down 50 points at 6369, having been down 80 points 20 minutes ago. Volumes, in comparison to yesterday’s rubbish are robust with 528 million having changed hands on the LSE. Miners have seen a big turnaround. Most were down 1-2%. Now Anglo American is up 2.5%! Rio is up 1%, whilst BHP remains in the doldrums – down 0.25%.

 

From the oils BP is up 0.3%, though Royal Dutch Shell remains 1.25% easier. Centrica is not the flavour of the month – down 1%. Retail ahead of supermarket results remain eerily quiet – NEXT +0.25%, Tesco -1.25%, Sainsbury -0.5% and M&S -1%.

 

Media has yet to stir from its slumber with Sky, BT and Vodafone all easier by 0.5%. The FTSE’s 2 tech titans have suffered the slings and arrows of outrageous fortune – ARM easier by 2.5% and Sage down 2%. Many hoped that the large gathering of tech geeks in Las Vegas for a jamboree would have stimulated the tech sector particularly chip stocks in the wake of great performances from Apple, Samsung and Google in recent months, but ‘no way Jose!’ The one bizarre reversal today was ASHTEAD – one of the darlings of the market – down 6.5% at 1105p – in response to its nearest peer operation, the US’S United Rentals being downgraded last night and losing 11%.

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