FTSE continues to make modest progress, closing at 5,825.01
Banks were the leading stocks today as the FTSE again toyed with a 22 month high. Mining stocks lost ground but failed to pull the top share index lower. China reported stronger than expected economic growth which suggested a sustained global economic recovery is underway. The FTSE 100 closed higher by 0.5 per cent or 28.76 points.
Chris Bradshaw
shareprices.com - Thursday, April 15, 2010
Leisure stocks showed good gains with Carnival, the cruise ship operator, performing well. Morgan Stanley cited resilient demand for the sector when it upgraded the target price for the stock from 2,700p to 3,200p. This lead Carnival to jump by 2.1 per cent to close at 2,693.00p. Other leisure stocks followed suit and Tui Travel, InterContinental Hotels and Whitbread posted gains of 0.9, 1.7 and 1.2 per cent.
The Chinese data is was a positive sign to investors that the dark days of banking may finally be over as economic growth is resuming. HSBC Holdings were the star performer of the day, gaining a substantial 2.96 per cent to close at 712.50p. Barclays and Royal Bank of Scotland also attracted investors, both closing up by over 2 per cent.
Unfortunately mining stocks served to dampen these gains. Eurasian Natural Resources drifted down by 1.04 per cent to 1,232.00p while BHP Billiton, Fresnillo. Anglo American and Rio Tinto lost between 0.85 and 0.16 per cent. Rio Tinto was not helped by its recent earnings report which failed to excite investors.
The FTSE 250 index contained a number of great performers and closed up by 0.41 per cent to 10,529.15. International Personal Finance continued recent gains by adding another 7.35 per cent, now trading at 109.50p.
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