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Weak oil and mining stocks cap gains in FTSE

FXStreet (Mumbai) - The gains in the London’s Ftse are being restricted near two-month high due to the sustained weakness in the commodity related stocks.

At the time of writing, the Ftse traded 0.19% higher 6741.00 levels. The overall breadth is positive with 69 stocks advancing against the decline in 31 stocks. The Oil equipment services and distribution index is the biggest loser so far, down by 2.06%, followed by almost 1% loss in the mining index. Meanwhile, Media, Telecom and Bank index have posted gains ranging from 1.5% to 1.00%.

Shares in the Europe’s No. 1 homes improvement company, Kingfisher, fell 4.84% after posting a decline in third quarter profit. Petrofac extended the fall by another 4.7% today after being downgraded by major banks. Tullow Oil retreated 1.34% after Societe Generale cut its target price for the stock citing weaker oil price outlook.

Ftse Technical Levels

The index is trading near the immediate resistance located at 6748 (Sept. 16 low), above which gains could be extended to 6774 levels. Meanwhile, support is located at 6720 and 6684 levels.

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