Vodafone props up FTSE ahead of low-volume day

In mid-morning trading the FTSE 100 is up ten points at 6621, as Vodafone’s results keep the index in positive territory. 

A Vodafone employee on the phone
Source: Bloomberg

In London, the equity market is quiet as Europe commemorates Armistice Day. Slim trading volumes and low volatility are to be expected throughout the session.

Vodafone is leading the FTSE 100 leader board after the telecoms company reported a decline in first-half EBITDA but raised its full-year guidance, catching traders’ attention. The move in Vodafone added 11 points to the FTSE 100. 

A resilient property market has helped Land Securities; NAV at the largest quoted REIT rose by one fifth on the year which pushed the share price higher by 2.5%. The Land Securities skyscraper at Fenchurch Street, nicknamed the ‘Walkie Talkie’, has 90% occupancy, which says a lot about London’s property and financial services sector.

CRH is reaping the rewards from its large exposure to North America. Even though its European business is improving the recovery in the US construction sector is saving the company from stagnation.

Mining companies are in meltdown this morning after Citigroup slashed its price target for iron ore. Metals have been under pressure lately as a strong a US dollar and a weaker China are the main drivers behind the move.

We are offering a grey market on the market capitalisation of Virgin Money, set to float on Friday, and it suggests a market value of £1.35 billion.

In the US, we are expecting the Dow Jones to open 20 points higher at 17,633. Today is Veterans Day in the US and market movements are predicted to be low.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.