» » UK Market Narrative Fri 08 Feb 19: Muted end to the Week

UK Market Narrative Fri 08 Feb 19: Muted end to the Week

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The pullback in the UK markets continued with the UKX dropping 0.3%, MCIX and AIM All-Share  down 0.8% while the TechMARK closed flat on the day. The short-term trend that was in evidence in the MCIX and AIM  All-Share appears to be fading and may well result in more selling and a move to the downside.

Life Insurance -1.7%, Tobacco -1.6% and FS -1.3% did most of the damage to the NMX while Pharm was up 1% led by GSK and AZN: the housebuilders lifted Home Construction by 0.8% while DGE’s continued rally lifted Beverages by 0.4%

In the AIM almost all the larger caps except FEVR and HCM had a day in red with BUR off 1.3%, DTG -2.8 and BOO -1.4%.

Brent regained some composure and bounced off its 21EMA yesterday evening and rallied 0.4% today keeping its short-term upward trend alive. GBP was flat against USD on the day and remains around the $1.29 level.

In sentiment, the FTSE VIX gained 10% again and is above 15 while the Fear and Greed Index remains around the 60 level at Greed.

Gold rallied 0.5% while iron ore continues to climb higher up another 3.8% .

(click the links below to open each daily report in a new window)

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