While the large and mid-cap indices were either flat or negative today, the AIM All-Share continued to power ahead with another 0.7% added to the index and the AIM 100 rising almost 1% again. Among some of the larger cap AIMers, BOO added 5.5%, GBG 15% and ASOS 3.5%.
While the FTSE350 closed flat on the day , the FTSE250 gave back 0.4% after several days of a strong rally : overall, volumes were lower today most likely owing to the Eater holidays approaching.
In sectors, Life Insurance continues to power ahead while Media gained over 1%.
Brent crude is pushing towards the $72 level and helped to boost O&G producers up 0.6% on the day
GBP spent the day tracking sideways unchanged on the day while in metals gold dropped another almost 1% to the $1280 level while copper is up 1% with iron ore down 0.6%.
Gold’s recent slump from highs of $1350 in Feb to current $1270 levels mirrors the change in sentiment across markets as risk-on has returned in force. The VFTSE is languishing below 10 with the VSTOXX at 11: today saw the CBOE VIX stir with a rise of almost 12% but still significantly below longer-term averages at under 13 (around 20 used to be a “normal VIX). This increase may indicate cheap insurance being bought against any sell-offs as the earning season proceeds over the coming weeks.
Trading for what remains of the week is likely to be light going into the Easter break.