FTSE ends higher as fresh hope for eurozone debt emerges

The top share index in the UK moved higher on Wednesday as investors were filled with optimism about the debt position across being improved following a statement from the President of the European Commission. The FTSE 100 closed up 1.00 per cent for the day, adding to gains seen on Tuesday of 0.9 per cent, sending the index to 5227.

Chris Bradshaw
shareprices.com - Wednesday, September 14, 2011

Printable version email to a friend Subscribe to shareprices.com newsfeed

Despite the recent surge in the FTSE 100, the index remains lower by 3.1 per cent for September overall, with many investors discouraged by the financial problems re-emerging across Europe. However on Wednesday, the markets were given a lift as President Jose Manuel Barroso said that the final plans for a 'common euro bond' would be revealed shortly, a move which is being anticipated by many as the key to put an end to the debt crisis in Europe.

The retail sector performed strongly on Wednesday, boosted by a surge higher by Next of 6.34 per cent, making it the top riser on the FTSE 100. The climb upwards was prompted by the retailer announcing that its results in the first six months of the year outstripped expectations, despite rising costs. Its blue chip peer Mars Spencer was also higher by 2.5 per cent with midcap firms Dixons and Debenhams also increasing by 5.21 and 6.96 per cent respectively.

Bankers also received a boost after credit ratings agency Moody's said that the ICB meant that UK banks would not be downgraded, a move which had been feared by many. The new sent Lloyds Banking Group higher by 5.25 per cent with Royal Bank of Scotland hot on its heels with a rise of 4.20 per cent.

Heading in the opposite direction was Land Securities Group which shed 1.79 per cent as it was downgraded by French banker Societe Generale as fears over the euro dominated the sector.

 

Latest News

Related News

FTSE 100 Latest

ValueChange
5,403.2898.80  % rise