FTSE 100 to extend gains despite losses on Wall Street, commodities hold on to gains

The FTSE 100 is seen 0.3% higher today after having its gains trimmed to just 0.1% yesterday on mixed economic data that came out in the US. The Chicago PMI (Purchasing Managers Index) update showed a decline from 62.6 to 58.8 in March. This followed ADP’s employment report, which revealed a decline in private employment instead of an expected increase. Finally, the New York ISM index declined 78.1 to 60.6.
Markets got some support form US Commerce Department’s factory orders data, which reported an increase of 0.6% in March to signal a six straight month of gains.
Broadcaster BSkyB (LSE: BSY), which has pledged to challenge regulator Ofcom’s order to cut the price it charges other broadcasters for access to Sky Sports, emerged atop the leaderboard with a gain of 3.4%. Gold miner Randgold Resources (LSE: RRS) and bank Lloyds (LSE: LLOY) followed with gains of over 2%. Cable & Wireless Worldwide (LSE: CW) added nearly 2%, while banks Standard Chartered (LSE: STAN) and Royal Bank of Scotland (LSE: RBS) added slightly more than 1.5%, as did insurer Prudential (LSE: PRU).
Commercial property company Segro (LSE: SGRO) was at the bottom of the pile with a loss of nearly 3%. Oil and gas engineering firm Petrofac (LSE: PFC) and London Stock Exchange Group (LSE: LSE) declined 1.7%. Retailer Kingfisher (LSE: KGF) and water company United Utilities (LSE: UU) both shed 1.4%. Defence and aerospace systems manufacturer BAE Systems (LSE: BA) was down 1.2%.
US stocks closed lower on Wednesday. The Dow Jones Industrial Average declined 0.45%, the broader S&P 500 index slid 0.35% and the technology heavy NASDAQ composite was down 0.5%.
Asian markets were buoyant today. Hong Kong’s Hang Seng advanced 0.95%, China’ Shanghai Composite Index rallied 1.1%, South Korea’s KOSPI surged 1.55%, Japan’s benchmark Nikkei 225 added 1.4% and Australia’s S&P/ASX 200 moved up 0.65%.
Commodities
Oil prices were roughly unchanged from yesterday’s levels. May Brent Crude was at US$82.48/barrel, while US light, sweet crude inched lower to US$83.59/barrel.
Precious metals also managed to preserve yesterday’s gains. Gold held steady at US$1,112/oz, while silver and platinum were at US$17.49/oz and US$1,644/oz.
Base metals followed the trend. Copper and zinc were unmoved were unmoved at US$3.53/lb and US$1.06/lb, while nickel inched higher to US$11.31/lb.
The economic updates due out today include US initial jobless claims and ISM manufacturing data for March.

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