UK shares erase losses ahead of FOMC statement

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Source: Dukascopy Bank SA
UK shares rebounded on Wednesday despite weak data from the eurozone. Eurozone's manufacturing PMI indicated further contraction in October. Meanwhile, investors remained cautious ahead of FOMC statement due later in the day. The FTSE 100 Index gained 0.22% to trade at 5,813.22. Seven out of ten sectors within the index climbed. The top-performer was technology sector, adding 3.39%. ARM Holdings and Sage Group advanced 5.23% and 0.10% after German technology firm, SAP, soared. Shares of mining companies also rose. Anglo American, BHP Billiton and Eurasian Natural Resources moved higher by 1%, 0.86% and 2.40%, respectively. At the same time, telecommunications and financials dragged the index lower. Vodafone Group dropped by 0.97% while Barclays and Lloyds Banking Group slid 1.12% and 0.73%.

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Wed, 24 Oct 2012 16:31:42 GMT

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