FTSE hits three month peak
The top share index in the UK moved upwards on Wednesday to end the day at a three month closing high. The FTSE 100 held the 5700 for the first time since the end of October last year, finishing on 5702, an increase of 0.2 per cent, up by just over 8 points.
Chris Bradshaw
shareprices.com - Wednesday, January 18, 2012
Trading was choppy with gains made by miners and banks pared by losses seen in integrated oils. Hopes that the International Monetary Fund will strengthen its coffers to help out those nations it by the eurozone debt crisis helped to lift sentiment, coupled with good results from a German debt auction. However, integrated oil firms had a poor day after seeing the price of crude settle at around $100 per barrel and also suffering a downgrade by several brokers.
After suffering heavy losses on Tuesday, Essar Energy was the biggest climber in the blue chips, adding 7.2 per cent. The reversal in its fortunes came as it announced that it expects to be challenging the ruling from the Supreme Court in India about banning deferred tax payments.
Carnival was another stock which saw a partial revival, up by 3.3 per cent, after its price plunged on Monday as the cruise ship operator suffered the catastrophe of its vessel Costa Concordia being wrecked.
At the bottom of the leaderboard, Tullow Oil dropped by 4.2 per cent after highlighting a decline in its production, likely to have a knock-on effect on its net asset value.
But although integrated oils were the biggest downward force on the FTSE, the biggest faller of the day, shedding 4.8 per cent, as it became the only FTSE 100 stock of the day to trade ex-dividend.
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