FXStreet (Mumbai) – The London’s Ftse index retreated on Friday due to losses in food retailer stock prices after Deutsche Bank cut its estimate for the UK grocery market.
The Ftse currently trades 0.69% lower at 6811.80 levels, tracking losses in the other European shares after Greek delayed its EUR 300 million loan repayment to the IMF. Investors are also cautious ahead of the monthly non-farm payrolls report, which could influence the Fed’s decision to hike interest rates.
Among stocks, Morrison and Tesco fell 2.6% and 1.3%, respectively, after Deutsche Bank cut its target price for Morrison to 180 pence from 210 pence and for Tesco to 240 pence from 275 pence.
Energy shares also came under pressure as the OPEC is seen maintaining the daily output of 30 million barrels per day. UK oil and gas index dropping 0.6% after prices of crude oil fell 0.8% ahead of an OPEC meeting.
FTSE Technical Levels
The index has an immediate support at the intraday low of 6792.50 (two-month low), under which the prices could drop to 6765.05 (Mar. 31 low). On the flip side, a break above the daily high of 6843 could see the index test 6900 levels.
(Market News Provided by FXstreet)