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FTSE ends four-day rally, Intertek falls 7%

The London’s Ftse index retreated today, ending the four-day winning streak as the heavyweight mining stocks declined due to the weakness in the iron ore prices. The testing firm Intertek tanked after a disappointing trading update.

The Ftse traded 0.16% lower at the time of writing, compared to the previous session’s close of 6709.12. The index breadth is negative with an advance decline ratio of 42:58. Among stocks, Intertek fell 7.52% after posting a no improvement in full-year organic growth and operating margins. Meanwhile, shares in Anglo American, Rio Tinto and BHP Billiton all fell around 2%, tracking a fall in China’s iron price to a record low today. On the positive side are stocks like Severn Trend, Easyjet, Astrazeneca, and Tesco.

In the meantime, minutes released from the Bank of England showed the policy makers remained divided over the interest rates. The minutes showed a 7-2 spilt over interest rates. Seven members saw concerns over low inflation while two members dissented the decision to hold interest rates at a record low.

Ftse Technical Levels

The index has an immediate resistance at 6680, above which prices may rise to 6726 levels. Meanwhile, support is seen at 6689 and 6655 levels.

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