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FTSE gains 0.80%

FXStreet (Mumbai) - The UK blue-chip index inched higher today, supported by gains in retailer Marks & Spencer and aircraft supplier Meggitt.

The Ftse is trading 0.80% higher at 6506, compared to the previous session’s close of 6453.00. The index breadth is positive with an advance decline ratio of 86:14. Meggit shares are up 6.68% on its plan to start a share buyback program. Meanwhile, Marks and Spencer is the biggest gainer for the day, up 8.28% after it reported a rise in underlying first-half profit for the first time in four years.

The UK General Retailers Index is up 1.5%, although resource stocks have weakened. The UK mining index fell 0.4%, tracking a drop in the base metal prices.

Ftse Technical levels

The index has an immediate support located at 6481 levels on the hourly chart, under which the prices can fall to 6445 levels. On the flip side, the index may re-test 6550 levels, if the immediate resistance at 6520 is breached.

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