We’re seeing something of a pull-back for the FTSE-100 as Friday’s session gets underway, with profit taking amongst the miners who fared well in the wake of the FOMC meeting acting as the biggest drag in sentiment.
However there’s an argument to suggest that this move might not be sustained and if we do see a reversal here then there’s every chance London’s blue chip index could be left eyeing a test of fresh highs for the year. Polymetal is the biggest faller with some abnormal share price movements still being seen after yesterday morning’s big gap higher.
Housebuilders are topping the index off the back of positive broker comments, although making long term commitments to the sector with the uncertainty over Brexit and ahead of the expected clarity in the Autumn statement could be seen as a bold call. It’s a quiet end to the week for the UK economic calendar, although PMI readings from the Eurozone and the US could yet provide some direction in the short term. Oil prices are worth watching too, not least because of the potential direction these can supply for the wider resources sector – there’s some talk of profits being booked on crude ahead of next week’s Opec meeting, but prices here still look relatively robust. The week is still far from over.
