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Ftse trades near 2-month high

FXStreet (Mumbai) - The London’s Ftse index traded flat near a two-month high today as further gains in the index were capped by a bout of profit taking in the mining shares.

The Ftse traded largely unchanged at 6751.00 levels at the time of writing. The index breadth is positive with an advance decline ratio of 57:42. Shares in the insurer Friends life gained 5.12%, while shares in Aviava fell 3.9% on a possible deal to buy rival Friends life for GBP 5.6 billion. Aviva shares tanked as analysts say the deal is relatively more beneficial for the Friends life shareholders.

Meanwhile, Petrofac shares tanked 23.39%, its biggest single day drop ever, after the company lowered its net profit forecast in 2015 to around USD 500 million, which is the lower end of its previous guidance range of USD 580 million to USD 600 million.

The index gains were mainly capped by the losses in mining index, which is down 1.3%, tracking a fall in the major commodity prices. Shares in major miners BHP Billiton, Rio Tinto and Anglo American fell 1.7% to 2.1%.

Ftse Technical Levels

The index has an immediate resistance located at 6782, above which gains could be extended to 6800.00 levels. Meanwhile, support is seen at 6740 and 6714 levels.

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