24/02/14 Market Movements
The FTSE 100 recovered late on Monday to close up 27.8 points at 6,865.86 – just 1.2% below its December 1999 record level of 6,950.60.
The FTSE100 suffered early on Monday as heavyweights HSBC posted lower than expected profits and warned about further volatility in emerging markets as a result of the unrest in Ukraine and continuing currency slumps in countries such as Argentina. HSBC closed down 2.83% for the day.
However these losses were offset by gains made by Vodafone and Bunzl who climbed 4.4% and 6.88% respectively.
Vodafone rose to a 13-year high amidst speculation that it might become a bid target following its deal to sell its stake in Verizon Wireless to U.S. peer Verizon.
Bunzl was the biggest FTSE climbed after posting profits that beat forecasts.
The FTSE 100 now has a relative strength indicator (RSI) on a nine-day basis of around 80. If a market has an RSI above 70, it indicates it is technically “overbought”.
CAT stock is currently up 0.67% at $98.15