FTSE finished week on high as retailers support
The blue chips extended their winning streak as the index continued to rise whilst investors speculated what the weekend would hold for European politicians. The FTSE 100 climbed on the last day of the week, to finish higher by 0.6 per cent reaching 5368, a rise of more than 30 points.
Chris Bradshaw
shareprices.com - Sunday, September 18, 2011
The index rose by 3 per cent for the week overall despite the early losses, but remains down for September by 0.5 per cent and 9 per cent lower for the year so far.
The sector performing the highest on the day was the retailers, adding 2.68 per cent in total. Kingfisher and Dunelm were two of the strongest stocks, climbing higher on the back of good results.
Kingfisher, the umbrella firm which incorporates big-name brands such as Screwfix as well as B&Q, was high on the leaderboard for the second consecutive day with an increase of 0.96 per cent as it reported its pre-tax profits for the first half of the year rose by 24 per cent. Dunelm Group also announced an increase in its pre-tax profits of 9 per cent, sending its shareprice up by 0.27 per cent.
In the midcaps, Home Retail was top of the chart, with a rise of 7.17 per cent as the company confirmed that Argos' descent had slowed compared to the previous quarter.
At the opposite end of the table, the technology and hardware industry was performing poorly with an overall loss of 1.27 per cent. One of the key stocks driving the sector lower was ARM Holdings which slumped by 2.46 per cent after it was removed from the 'conviction buy' list from Goldman Sachs.
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