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Spread trading the FTSE 100 today PDF Print E-mail
Written by Sam Coventry   
Thursday, 12 August 2010 08:24



Spread traders will be eyeing up Eurozone data at 10am expected out mid morning at 0.7, slightly down from last month's figure of 0.9, but negative deviation may add weight to the downside.


The FTSE 100 is 0.30% higher this morning at 5,260.98.

The index is sharply lower from where it began the week, but, breaking through the gloom is Prudential Plc.

Prudential Interim Results saw a 41% rise in operating profits to £968m based on IFRS, which was ahead of consensus and raised its dividend by 5% to 6.61p a share.

New business sales increased 28% to £1.66bn on an APE basis and its capital surplus rose to £3.4bn.

It noted that the cost of its failed AIA deal was £377m, lower than the £450m initially estimated. Prudential added that the outlook for its business in Asia was positive but was cautious about western economies.

Prudential Plc shares are higher this morning by 1%.

The FTSE 100 opened slightly down on the day but has since gained about 15 points.

"Overall the market mood has turned subdued since Tuesday as investors become risk adverse, unable to ignore the plethora of poor data that has started to overhang the world economy. This mornings rise lacks conviction and volumes are low," says Phil Gillett at spreadtrading firm SpreadEx.

Dana petroleum has taken a pounding down 10% after takeover talks with Korea National Oil Corp reused to raise its offer and sign a confidentiality agreement.

Traders will be eyeing up Eurozone data at 10am expected out mid morning at 0.7, slightly down from last month's figure of 0.9, but negative deviation may add weight to the downside.

Dow Futures are currently up 23points.
 

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