Option Banque is a brand owned and operated by Capital Street BancClear Corporation Limited with registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, SVG.
Suite 305, Griffith Corporate Centre Beachmont, KingsTown Saint Vincent and The Grenadines
Monday-Friday: 6.00 AM
4.00 PM GMT
U.K shares tumbled in morning session on Wednesday. The benchmark FTSE 100 dropped below 7000.00 threshold as banking stocks were under pressure from Lloyds Banking Group PLC’s disappointing results while falling commodity prices weighed on miners.
Lloyds shares dropped 1.3% after the U.K’s largest mortgage lender posted a slide in profit for the third quarter. The company posted a profit of £219 million ($266.39 million), which tumbled 68% compared to the same period last year, as it had to set aside another £1billion to compensate customers who were sold an unnecessary insurance product.
Shares of other financial institutions were also trading in a red. Barclays PLC fell 1.74%, HSBC Holdings PLC lost 0.83% and Standard Chartered PLC shed 1.05%.
Royal Bank of Scotland PLC was standing out of the downward trend after banking group CYBG confirmed on Wednesday that it has made a preliminary non-binding proposal related RBS’s Williams and Glyn operations. RBS’s stocks climbed 0.47%, but the holding company that owns Clydesdale and Yorkshire Banks, said a deal will only be pursued if it’s in the best interest of shareholders. Hence, the case remains uncertain to occur.
Besides lenders, British miners have not been enjoying today’s session. Antofagasta PLC led losses after forecasting a slide in copper production next year. The company produced 180,600 tons of copper in the three months ending September, up 8.7% compared with the previous quarter and reaffirmed this year’s copper output forecast to be close to the lower end of its guidance of 710,000-740,000 tons.
The Chilean copper producer, however, guided a lower copper output range in 2017, which is expected to fall in the range of 685,000 to 720,000 tons. Antofagasta PLC fell the most on the FTSE 100 index, collapsing more than 7% to intra-day low at 496.30 cents before paring some losses.
Shares of other miners were also driven lower, with Anglo American PLC down 2.69% and BHP Billiton PLC losing 1.63%. Rio Tinto PLC was off 0.6%.
Fig: FTSE 100 H4 technical chart
FTSE 100 has not only fallen below the key level at 7000.00 but has also been on track to breach the firm support at 6935.00. As can be seen from the chart, this level has forced the index to reverse higher two times in the past and also played as a solid resistance previously. RSI index is pointing downwards, indicating further declines.
Buy Digital Put Option from 6935.00 to 6860.00 valid until 20:00 GMT October 26, 2016