UK stocks : FTSE 100 gains 0.1 pct
Agencies: London, Nov 22 2012, 05:06 IST
in a note.Johnson Matthey lost 5.8 percent in heavy volume of over three times its average 90 day volume. The precious metals and commodity company fell after cautioning over an outlook dented by weakness in both the United States and Europe.Basic materials also suffered, with miners losing 0.5 percent as growth worries hit commodity prices.The copper price fell 1.3 percent as the Federal Reserve chairman cautioned over the prospect of growth in the United States given tricky fiscal negotiations, and Greece's international lenders failed to agree on an aid package for the country.European finance ministers are to meet again about Greece on Monday. Price moves and volumes were capped, with the U.S.
Thanksgiving holiday beginning tomorrow meaning that progress on both fronts is likely to be delayed until next week at the earliest."It appears from the price action we've seen early on that we're stuck in a tight range, probably until Monday," said Clive Lambert, technical analyst at FuturesTechs."From a technical point of view, we had a very strong session on Monday, following on from a rejection of the downside on Friday. But the price action of yesterday and today is quite uninspiring, and it doesn't look like we're going to head back up towards 5,900."UK stocks dropped 3 percent last week but their losses were mostly reversed on Monday in the joint biggest single session rise of the year.
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