LONDON MARKETS: FTSE 100 Wavers As Investors Wait For Yellen
27 Mai 2016 - 10:13AM
Dow Jones News
By Carla Mozee, MarketWatch
Still on track for weekly win
U.K. stocks struggled to find a firm footing Friday, as
investors waited to hear what hints U.S. Federal Reserve Chairwoman
Janet Yellen may drop about the likelihood of an interest rate hike
in June.
The FTSE 100 was up 0.1% at 6,269.43, darting between small
gains and losses, but was still on track for a win for the
week.
Mining shares were putting in the best performance sector-wise.
Iron ore heavyweight Rio Tinto PLC (RIO) (RIO) (RIO) was up 1.9%,
Glencore PLC (GLEN.LN) moved 1.4% higher, and Anglo American PLC
(AAL.LN) gained 1.3%. The company said it named Bruce Cleaver as
chief executive of its De Beers Group diamond unit,
(http://www.marketwatch.com/story/anglo-american-appoints-new-de-beers-ceo-2016-05-27-2485276)
effective July 1.
Among energy shares, Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN)
was up 0.2%, while BP PLC (BP.LN) (BP.LN) tacked on 0.1% as oil
prices slipped, trading below $50 a barrel.
"Brent crude may have failed to regain its hold on the
$50/barrel mark, but commodity stocks are still finding favour,
helped in no small part by U.S. dollar weakness amidst the idea
that the Fed may not be in a position to hike rates next month as
had been earlier thought," said Tony Cross, market analyst at
Trustnet Direct, in a note.
Fed speaker Yellen will appear at Harvard University later
Friday for the annual Radcliffe Day celebration. While investors
will be watching for any comments she has on the timing of interest
rates, Fed observers caution that she may hold off from a major
pronouncement on policy.
Read:Fed's Yellen may send interest-rate message by not making
one
(http://www.marketwatch.com/story/feds-yellen-may-send-interest-rate-message-by-not-making-one-2016-05-25)
For the week, the London index was looking at a 1.8% rise, which
would be its largest gain since mid-April.
The "U.K. index is on for a pretty fantastic week given the
state of its data (namely that worrisome GDP report on Thursday),
now sitting at, perhaps undeserved, three-week highs," said Connor
Campbell, financial analyst at SpreadEx, in a note.
(END) Dow Jones Newswires
May 27, 2016 03:58 ET (07:58 GMT)
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