FTSE hits six month closing peak

The top share index in the UK hit a six month high on Monday as fears over a Greek default subsided. By the end of the first session of the week, the FTSE 100 was higher by 0.9 per cent adding just over 54 points to close at 5782, its highest finish since 29 July 2011.

Chris Bradshaw
shareprices.com - Monday, January 23, 2012

Printable version email to a friend Subscribe to shareprices.com newsfeed
Royal Bank of Scotland Group

Markets were given a boost by the French Finance Minister's comments regarding the discussions on the Greek debt problems. The minister indicated that good progress was being made which along with newpaper reports that both France and Germany would be requesting a loosening of bank capital rules in order to lift lending in the economy sent sentiment amongst investors soaring.

Banks were generally higher but Royal Bank of Scotland was given an additional injection of confidence after rumours swept the market that the chief executive, Stephen Hester, has opted to waive his £1.6 million bonus. Despite being unconfirmed, the news was enough to send its stock higher by 2.55 per cent.

Prudential was the third highest riser of the day, adding 3.25 per cent, as bid chatter pumped up its price.

Risk appetite was back with a bang and oil firm Essar Energy topped the charts, rising by 10.69 per cent after it announced an improved output estimate.

At the opposite end of the leaderboard, engineering firms Weir and IMI were the two heaviest casualties of the day, dropping 3.58 and 2.56 per cent respectively after they both suffered a broker downgrade. Weir was singled out for concern due to the comparatively low price of natural gas hitting demand.

 

Latest News

Related News

FTSE 100 Latest

ValueChange
5,266.41136.87  % fall