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Ftes trades steady

FXStreet (Mumbai) - The Ftse was trading steadily at the time of writing as weakness in the energy stocks was offset by the gains in the shares of Imperial Tobacco and the insurer Legal and General.

The Ftse gained 0.20% to trade at 6500 levels, recovering from a slight decline witnessed in the previous trading session. Shares in the insurer Legal and General shot up 2.1%, after the company generated more cash in the first nine months of the year. Imperial Tobacco share prices rose 2.4% despite posting lower revenues and profits for third-quarter. The shares gained since the company decided to commit to raising its dividend by at least 10% in the next fiscal year.

Meanwhile, falling Crude prices hurt the Oil and Gas sector shares. The FTSE 350 Oil & Gas Index weakened by 1.2 percent. Royal Dutch Shell declined 1.2%, while Tullow Oil fell 1.5% tracking the fall in the Brent Crude below USD 84/barrel.

Ftse Technical levels

The index has an immediate resistance at 6557, above which the prices can rise to 6587 levels. On the other hand, prices may fall to 6466 levels if the index fails to sustain gains above 6500 levels.

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