FTSE 100 Index Still Climbing
The FTSE 100 index remained on course for a record breaking twelfth consecutive day of gains, on Monday, as strength in the commodity, media and banking sectors offset weaknesses in traditionally defensive stocks.
Dominic Turner
shareprices.com - Monday, July 27, 2009
By midday, the blue chip index was up 22.86 points, or 0.5%, at 4,599.47, after closing at its highest level for more than six months on Friday.
Pearson was the best performer in the whole of the FTSE 100, after it announced that it was trading ahead of expectations, particularly in its education division, and increased its interim dividend. Share prices in the publishing group, which includes the Financial Times and Penguin amongst its titles, leapt 55p, or 9.4%, to 661p, on the announcement.
In the mining sector, platinum group metal producer Lonmin led the way, adding 58p, or 5%, to £13.01, after Goldman Sachs upgraded the stock to "neutral" from sell. Buying shares in Antofagasta, up 21p, or 2.8%, at 771p, and Kazakhyms, up 21.5p, or 2.65%, at 832p, was also popular, making them the next best performers in the sector.
Lloyds Banking Group and Royal Bank of Scotland (RBS), respectively 43% and 70% owned by the British taxpayer, were also going well, as surprisingly favourable results from US banks increased hopes of a similar situation in the UK. Royal Bank of Scotland gained 1.26p, or 3%, to 43.26p, while Lloyds Banking Group, which received the additional fillip of an upgrade to "buy" from "reduce" from Japanese broker Nomura, gained 4%.
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