FTSE 100 watch: Footsie steadies after turbulent week

on Jan 11, 2016

The UK benchmark index has climbed into positive territory today, rebounding from its worst week since 2000, boosted by a recovery in resource stocks. Anglo American (LON:AAL) has climbed to the top of the FTSE 100 leaderboard after a volatile start to the session.

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As of 12:19 GMT, the Footsie had added 5.98 points to stand 0.10 percent higher at 5,918.42. Investors have shrugged off the latest selloff in Asia, prompted by more downbeat data out of China.
“It was a shaky start for European investors this morning, as cautious buying took the place of last week’s rampant selling,” Chris Beauchamp, market analyst at IG, said in a note, adding that while weekend data from China was not particularly encouraging, “as with any story eventually the power to shock wears off”.

Miners have been in demand today, led higher by Anglo American, which has added 4.49 percent to 239.50p, after plunging more than three percent to a fresh all-time low earlier in the session. Some traders told Reuters that the battered mining companies could shore up their balance sheets through future asset sales, which was prompting bargain hunting.
BAE Systems (LON:BA) has been another prominent Footsie riser, benefitting from a rating upgrade at JP Morgan Cazenove. The shares are currently changing hands 2.12 percent higher at 530.50p. Standard Life (LON:SL) has also been propped up by an upgrade, with Deutsche Bank turning bullish on the financial services group. Standard Life’s shares are 1.21 percent up at 367.40p.
At the other end of the spectrum has been Sports Direct (LON:SPD), whose shares have been sold off in the wake of the retailer’s surprise profit warning on Friday. Sports Direct’s share price is 2.03 percent worse off at 424.50p.
**The FTSE 100 was 0.07 percent up at 5,916.64 points as of 12:44 GMT on January 11, 2016.**


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