The FTSE Finish Line - April 11 - 2023
FTSE 100 Trading Around The Flatline Supported By Miners
The FTSE 100 is trading with meagre gains as traders return from the holiday extended weekend, after opening lower support came by way of a boost from industrial miners as Cooper prices extended its advance, this was coupled with reports that Glencore CEO Garry Nagle is planning to meet with shareholders in Canadian based Teck Resources to personally present is vision for Glencore's proposed acquisition of the industrial metals miner, the early lead from Glencore has paired back into the close but still up 2.69%. Antofagasta has been the standout performer on the day also benefiting from the pop in industrial metals notching up a 5.37% advance on the session leading the board as we head into the close with fellow mining giant Rio Tinto just behind ticking up a healthy 4.36% on the day. UK housebuilder Persimmon also got a much needed boost via an upgrade at Barclays, the investment bank believe that full year 2023 consensus is too conservative, raising the firm to ‘equal weight’ from ‘underweight’ on the premise that the longer term erosion in returns is now fully priced in the shares leading to a 2.88% gain. On the negative side of the ledger British insurer Beazely the biggest decliner on the session as ongoing concerns around investment losses continue to weigh on investor sentiment with shares slumping 1.74% into the close of London trade.
FTSE Bias: Intraday Bullish Above Bearish below 7720
Primary support is 7590
Primary objective 7946
Below 7500 opens 7400
20 Day VWAP bullish, 5 Day VWAP bullish
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!