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The UK Index this week – 5 Oct

UK 100 has fallen 200 points from Wednesday’s highs to trade 7330, and sit 220pts from last week’s September rebound peak. As it stand, we have only 10 names in the green for the week. A tough one to say the least.

Rising bond yields may have helped the Banks (LLOY, BARC, etc) but they have provided competition for high yielding defensive names like Consumer Staples (RB, ULVR) and Utilities (CNA, SSE).

Higher oil prices were good for the Energy (BP, Shell) names, but not so for Airlines (EZJ, IAG) and profits warnings and/or poor outlooks hurt the likes of Royal Mail, Tesco and Ferguson. 

Currently just 10 points above the 7323 breakout of the week before last, Bulls will be looking for this to turn supportive, helping engineer a 130pt bounce back towards the 7450 which we fell below yesterday, and which served as resistance overnight.

Bears on the other hand will be looking for a test of 7323 that takes the index back towards September lows and 5-month shallow rising support around 7240, another 100pt decline.

Our watch levels: Bullish 7350, Bearish 7320

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.


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Prepared by Michael van Dulken, Head of Research

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