The FTSE 100 Report

FTSE 100 expected to hold gains ahead of key Eurozone summit, next resistance at 6515

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Category: The FTSE 100 Report

Published on Monday, 05 December 2011 10:23

Written by Will Peters

FTSE 100 moves into positive territory after registering a flat open, gains could be capped ahead of key summit.

The FTSE 100 (INDEXFTSE:UKX) is 0.62% higher on the day at 5,586.74 at 10AM in London.

In the run up to the summit at the end of this week it’s hard to see markets doing much unless there’s a similar surprise to catch us off guard such as the central bank move last week. 




"This was the main contributor to the rally we’ve seen thus far this month and with the FTSE 100 trading at around 5560 at the time of writing there’s lots of near term resistance levels seen at 6515/50/85 and to the downside support is seen at 5490/00 and 5340," says Simon Denham at spread bet company Capital Spreads.

On the FTSE corporate front we see TUI Travel Preliminary Results saw underlying PBT up 25% at £360m on revenue ahead 9% at £14.7m.

The dividend is raised 3% to 11.3p a share and added that it was experiencing a slowing in bookings  reflecting continuing issues in North Africa and challenging consumer environment in some source markets.

Carillion Contract. A JV company in Qatar has won its first contract in the country, which is due to start this month and will be worth some £316m to Carillion.

Trinity Mirror New Chairman Designate. It has appointed David Grigson, formerly CFO of Reuters and prior to that of EMAP as a Non-Executive Director with effect from 1 January 2012. He will become Chairman in August 2012.