28 Nov 2014
FTSE declines as Energy stocks fall
FXStreet (Mumbai) - The London’s FTSE index is being driven lower today by a fall in the Energy stocks after Crude Oil prices fell to fresh four-year lows.
The Ftse traded 0.65% lower at 9929.30 levels at the time of writing. The index breadth is negative with an advance-decline ratio of 45:53. The Oil and Gas index is down by 4.29%, while the Oil Equipments Services and Distributions index is down 5.28%. Among the index stocks, shares in multinational oil and gas company BG group fell 8.11%, followed by shares in Weir group, which declined 6.84%. Tullow Oil lost 5.41%, while BP’s share price and Royal Dutch Shell B.’s share price declined 3.5% each. Meanwhile, on the plus side are stocks like Vodafone Group PLC, Kingfisher, Easyjet and Rio Tinto.
Moreover, the shares in energy companies have taken a beating across the globe since Crude prices hit fresh four-year lows after the OPEC group decided to keep the production levels unchanged at 3 million barrels per day.
Ftse Technical Levels
The index has an immediate support located at 6641 levels, under which prices may fall to 6600 levels. On the flip side, a breach of resistance located at 6731 levels, shall open doors for a re-test of 6765 levels.
The Ftse traded 0.65% lower at 9929.30 levels at the time of writing. The index breadth is negative with an advance-decline ratio of 45:53. The Oil and Gas index is down by 4.29%, while the Oil Equipments Services and Distributions index is down 5.28%. Among the index stocks, shares in multinational oil and gas company BG group fell 8.11%, followed by shares in Weir group, which declined 6.84%. Tullow Oil lost 5.41%, while BP’s share price and Royal Dutch Shell B.’s share price declined 3.5% each. Meanwhile, on the plus side are stocks like Vodafone Group PLC, Kingfisher, Easyjet and Rio Tinto.
Moreover, the shares in energy companies have taken a beating across the globe since Crude prices hit fresh four-year lows after the OPEC group decided to keep the production levels unchanged at 3 million barrels per day.
Ftse Technical Levels
The index has an immediate support located at 6641 levels, under which prices may fall to 6600 levels. On the flip side, a breach of resistance located at 6731 levels, shall open doors for a re-test of 6765 levels.