MARKETS SPECTATOR: Material profits

Materials names are set to suffer from profit taking, dragging the market to a flat to slightly weaker start.

In overnight action, all three of the major US indices finished in the red as concerns over Europe continued to linger, with pressure now on Spain to ask for a bailout. After opening the session lower the benchmark indices rallied for the bulk of the session, with the NASDAQ eventually closing the weakest – down 0.6 per cent – thanks to selling pressure on Facebook and Apple.

Elsewhere, the broad-based S&P 500 lost 0.22 per cent while the Dow Jones Industrial Average slid 0.15 per cent.

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