FTSE 100 Daily Analysis 11th Dec 2009
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The FTSE 100(UKX) put in a positive performance yesterday closing up 40 points, with the banking sector leading the recovery, offsetting weakness in the mining sector as Gold remains vulnerable to further selling pressure.
The BoE Monetary Policy Committee maintained the status quo and held the bank interest rate at 0.5% and the asset purchase programme kept at £200bn. The news came as no surprise and had no impact on trading yesterday.
Interim Results are due out today from Asian Citrus Holdings Limited (ACHL), Hmv Group Plc (HMV), Polar Capital Holdings (POLR).
Trading Statements are due out from Carillion Plc (CLLN).
UK PPI data is due out at 09.30 am.
Technical Outlook
The hourly chart indicates a break out of the downward channel. The FTSE 100(UKX) formed a double bottom on 9th Dec, a possible reversal pattern. The market closed above the previous high of 5240 and this pattern needs to be watched with interest as it could signal further upside momentum as the pattern of lower lows and highs has been negated.
