FTSE 100 Continues Upward March
The FTSE 100 index continued its progress on Monday, rising a further 23 points, or 0.5%, to 4,873.92, as prospects of sustained economic recovery globally continued to boost investor confidence.
Dominic Turner
shareprices.com - Monday, August 24, 2009
Mining stocks led the way, along with other companies positioned to benefit from economic recovery.
Share prices in copper miner Kazakhyms, for example, rose 3.2% to 956.5p, while those in silver miner Fresnillo were up 2.3% at 634.5p. Elsewhere in the mining sector, BHP Billiton, Eurasian Natural Resources and Randgold Resources were also going well.
The best performer of all in the top tier, however, was global advertising agency WPP, after its target price was raised to 550p, from 475p, by analysts at Royal Bank of Scotland and the stock was upgraded to "buy" from "hold" by Deutsche Bank. Its share price rose 5% to 528.5p as a result.
Elsewhere, oil and gas services provider Petrofac was popular after it reported a 16% in interim earnings, at $207.5 million and predicted a 20% increase in full-year earnings, despite falling oil prices when compared with the first six months of 2008. Petrofac shares rose 2.2% to 933.5p.
Distribution specialist Bunzl also reported a 4% increase in interim profits, year-on-year, at £115. 5 million, but was more cautious about the second half of the year, warning that the challenging economic environment would continue to put pressure on underlying sales. The stock rose 2.4%, to 564.1p, on the interim figures alone, nevertheless.
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