LONDON, Apr 17: Britain’s top share index halted a three-day slide on Wednesday, helped by a rally in luxury brand Burberry and some technical buying after the breach of a key psychological level.
Shares in Burberry rose 4.2 percent as the firm posted a better-than-expected second-half revenue, boosted by strong demand for its more expensive products in China.
It topped Britain’s FTSE 100 index, which was up 25 points, or 0.4 percent at 6,328 points after managing to close above a psychological support level at 6,300 in the previous session.
‘I’ve got a lot of clients who trade short-term windows on the FTSE so they buy it as soon as it gets down to 6,303 and sell it when we get to 6,320-6,330, and short it the other way around,’ Dan Reed, a broker at HB Markets said.
‘The overall trend is still down and if we break 6,300, which we will, we will come lower quite hard.’ (AGENCIES)
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