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Correction in Mining stocks pushes FTSE higher

FXStreet (Mumbai) - The London’s Ftse inched higher today due to a corrective rally in the mining stocks post a sharp fall witnessed in the last few days.

The Ftse traded 0.30% higher at 6751.00 levels at the time of writing. The index breadth is positive with an advance decline ratio of 61:37. The Mining index advanced 0.93%, while the Telecom index gained 1.25%. Among stocks, Copper miner Antofagasta is so far the biggest gainer, up by 3.27%. Other heavyweight mining stocks like BHP Billiton and Anglo American gained more than 1% each. Meanwhile, the top loser for the day is TUI Travel, down 0.90%.

The UK equity markets remained largely unchanged after the second estimate of the UK Q3 GDP printed in-line with the market expectation of 3% year-on-year. The UK Ten-year gilt yield appears to have stabilized around 1.992%.

Ftse Technical Levels

The index has an immediate resistance located at 6773.13 (Nov. 21 high), above which gains could be extended to 6819 levels. Meanwhile, support is seen at 6720 and 6709 levels.

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