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Weak commodity shares trouble FTSE

FXStreet (Mumbai) - The UK equity index Ftse has been pressurized by Commodity and Oil sector companies, which are the biggest losers of the day.

The Ftse traded 0.07% lower at 6630.70 levels at the time of writing, compared to the previous day’s close of 6635.45 levels. The index breadth is positive with an advance decline ratio of 51:48 and one stock trading unchanged. The UK mining index is down 1.17%, , the biggest sectoral decliner, due to the weakness in Copper prices. Meanwhile, Oil and Gas index traded 0.35% lower as Brent Crude continues to trade near 4-year lows.

Among stocks, Agrekko, the world’s biggest temporary power provider, advanced 2.82% after the company said that underlying group revenue in the third quarter was 6% higher year-on-year. Meanwhile, Midcap Premier Farnell tanked 9% after warning full-year operating margins would be slightly below prior year levels.

Moreover, the index is up more than 500 points since Oct 16 and appears due for a technical correction.

Ftse Technical Levels

The index has an immediate support at 6612, under which prices can fall to 6588 levels. Meanwhile, resistance is seen at 6645 and 6664 levels.

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