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UK market remains directionless – ISIS

The UK market remains directionless according to ISIS UK prime and ISIS UK equity fund manager Mike Felton.
Felton says the market can be characterised as being of two halves during August. He says the month started poorly, falling during the first couple of weeks largely on the back of weak US earnings numbers and the surging oil price.
He says more recently the market has rallied as the oil price has softened. He believes in addition, investors have been tempted back as overselling in a number of sectors has been evident.
Felton says: “We are not reading too much into the current bounce, as there is still very little trading volume both here – even after taking into account the traditional summer lull – and in the US.”
He says: “The market remains largely directionless. Much of the upward movement has come from larger caps. Of the four major sectors, telecoms and pharmaceuticals have done well from arguably oversold positions. Oil has lost ground recently having surged early in the period, while banks have generally been mid-range.”

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