See below for the latest developments in the FTSE 100, which has witnessed some big moves in an otherwise quiet day
Tesco – negative pressure seems to be building, the dividend is the company’s one hope of reinvigorating the share price, but so far there have been no developments on this. The investment community seems to be looking to sell rallies at the moment. A daily close below 223.80 – Friday’s low would be a bearish development that could open the way to 200p. We expect any recovery to be short-lived.
ITV: One of the biggest positive movers on the FTSE today, its share price is higher on the back of a report that Liberty Global is preparing a takeover. Traditionally a takeover target sees shares rise when it is approached by a buyer. If this story has legs then there could be further upside to come. Back when Astra Zeneca was approached by Pfizer its share price rose by nearly 30%.
HSBC: down more than 1% after celebrity fund manager Neil Woodford, said he was selling the bank’s shares on the back of potential fines for FX and interest rate market manipulation. Woodford seems to be getting in front of the curve with this one, if fines are doled out to the banking sector expect to see financial shares sell off, even rumours about the size of fines etc could spook the markets.
Of note, there has been a 30% drop in FTSE turnover today, probably because the US is out. Things should pick-up later this week.
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