Standard Chartered Continues Climbing on Flat FTSE

The FTSE 100 and FTSE 250 lost some ground on Wednesday, but shares in Standard Chartered bucked the trend

Alanna Petroff 15 August, 2012 | 6:32PM

It was a day of light trading and little movement on the London Stock Exchange. The FTSE 100 and FTSE 250 indices both registered small losses by the close of the day. The benchmark FTSE 100 lost 32 points, or 0.5%, to close at 5,833. The FTSE 250 index, which tracks mid-cap companies, dipped by 6 points, or less than 0.1%, to close at 11,498. Both of the FTSE indices rose by more than 0.5% in the previous trading session.

“The FTSE 100 lost some ground alongside European indices, which retraced from recent four-month highs as traders locked in some gains or stayed on the sidelines,” explained Joshua Raymond, chief market strategist at City Index. “It has been a day of low volumes, with the majority of traders refraining from taking much action.”

According to Raymond, many traders and investors have been bidding stocks higher over the last few weeks “as a direct result of optimism towards Central Bank action,” such as quantitative easing or other stimulus measures. Now, “eyes are starting to turn to the annual Jackson Hole meeting in Wyoming on 26 August where Central Bankers [will] meet,” said Raymond. “It is hoped that from this meeting traders may be able to gauge more transparently prospects for additional stimulus.”

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Standard Chartered PLC445.10 GBX0.18

About Author

Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.

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