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FTSE weakens as miners continue to fall

FXStreet (Mumbai) - The London’s Ftse fell from an eight-week high on sustained weakness in the mining stocks after the survey data from the HDBC showed Chinese manufacturing activity stalled in November.

The Ftse traded 0.40% lower at 6669.80 levels at the time of writing, compared to the previous session’s close of 6696.60. The index breadth is negative with an advance decline ratio of 29:69. The index is being driven lower by Ftse Industrial metals and mining sector, which is down 2.43%, followed by Gas water and Multiutilities, down 1.51%. Meanwhile, Oil and Gas sector is trading more or less unchanged.

Among the index stocks, shares in Anglo American, Rio Tinto, BHP Billiton led the fall with losses ranging from 2% to 2.5%. On the other hand, shares in outsourcer Babcock gained 4.29% after reporting an increase of 32% in pre-tax profits.. The company also announced that it had beaten US groups KBR and General Dynamics to be the preferred bidder to take over the Defense Support Group, a team of 2,800 top-grade engineers who service military equipment.

In the meantime, a strong retail sales figure in October failed to prop-up the retail stocks. Sainsbury fell 1.56%, while Next and Marks & Spencer traded marginally lower.

Ftse Technical Levels

The index has an immediate support located at 6647, under which prices can fall to 6600 levels. Meanwhile, the index has an immediate resistance located at 6690, above which it can re-test 6718 levels.

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