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CFD Traders DiaryFootsie slightly ahead on further mining strength19/5/2008 Yet another strong start for the miners has pushed the FTSE 100 index up this morning with Kazakhmys, Vedanta and Anglo American leading the pack on another rise in higher metals prices, but as has been the pattern recently another poor housing survey has sent mortgage banks lower with HBOS, Alliance & Leicester and Bradford & Bingley all struggling under selling pressure. Another faller is BAe Systems after chairman Sir Nigel Rudd and CE Mike Turner were detained briefly last week by US officials investigating allegations of corruption by the company, whose shares continue to underperform a rising market.
Elsewhere, it has been fairly steady but a couple of statements this morning are worth looking at. Oil services group John Wood said that trading was ahead of its expectations, with the strongest performance from engineering & production facilities, which has benefited from high demand for its services across all areas. There seems every chance these shares will join others in the sector and move to new highs very soon.
Down in the property sector, Segro has seen little improvement in the commercial property market in recent months. It stated that occupier demand had continued at good levels in all our markets, but continuing weakness in the credit and real estate investment markets maintained downward pressure on UK commercial property values, and we have to remain relatively cautious here, although Segro looks one of the better placed candidates for eventual recovery. |
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