FTSE higher as Greece close to rescue deal
The top share index in the UK was higher on Thursday as Greek ministers finally approved the reform proposals needed to get the next round of aid. By the end of the session, the FTSE 100 was higher by 0.3 per cent, adding over 19 points to close at 5895.
Chris Bradshaw
shareprices.com - Thursday, February 09, 2012
The index peaked at an intraday high of 5916 when Greek ministers confirmed the reform measures had been agreed, unlocking the next tranche of aid. As the prospect of a default receded, banking stocks strengthened despite some late afternoon tightening. Analysts have described the market as verging on the bullish but with more volume needed to maintain the upwards momentum.
The oil industry performed well as key player BG Group climbed 3.15 per cent after releasing figures which showed a rise of 40% in its earnings last year, helped by higher oil prices. With crude up by 0.7% on Thursday many other oil related stocks performed well. Tullow Oil was higher by 2.09 per cent whilst AMEC was the top riser in the blue chips, climbing 3.64 per cent.
Tate & Lyle was the heaviest faller, dropping 3.24 per cent after it admitted that its third quarters figures were not as good as expected. However, the firm maintained that the full year results should still deliver a 'good performance'.
Also lower was mining giant Rio Tinto who fell by 1.51 per cent after revealing that a $8.9 billion charge hit their profits in its aluminium operation. But despite the drop, the miner said that its underlying earnings actually increased by 11 per cent, giving investors cause for optimism.
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News
- FTSE climbs as EU summit approaches
22 May 2012 - FTSE climbs as markets calm
22 May 2012 - FTSE falls further as ratings agency action worsens fears
20 May 2012 - FTSE plummets further as Greece dominates markets
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10 May 2012 - FTSE crashes further over Greek uncertainty
9 May 2012
