FTSE climbs on Wednesday boosted by Land Securities

The FTSE 100 index started the day on a brighter note on Wednesday, posting an increase of 0.9 per cent to reach 5911 by 10.32 BST, recovering from key support points as poor housing figures in the US knocked sentiment in the market.

Chris Bradshaw
shareprices.com - Wednesday, May 18, 2011

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Energy firm had a better day of trading with miners also climbing as the price of metals slowly recovered after recent slides.

Essar Energy posted a rise of 3.5 per cent following a broker upgrade in its rating whilst fellow oil and gas manufacturer BG also climbed, adding 1.4 per cent as a different broker pushed the stock as a potential steal, with weaker recent prices justifying the move to buy. BP also remained in favour with brokers, climbing a further 1.2 per cent after the collapse of its Arctic deal with the Russians on Tuesday.

Eurasian Natural Resources was another firm to profit from a broker review, rising by 3.2 per cent as Citigroup upgraded its rating to 'buy', previously ranked as 'hold'.

In related industry, AMEC, the oil services and engineering firm from the UK, acquired US company MACTEC in a $180 million deal, sending its share price up by 1.6 per cent.

However, the undoubted star performer of the day was Land Securities, rocketing by 6.6 per cent as it announced a double-digit increase in net value, prompting sector peers such as British Land, Hammerson and Capital Shopping Centres all to climb as a result of the figures.

 

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