FTSE leaps boosted by defensive stock demand
The top share index in the UK jumped higher on Wednesday, buoyed by appetite for defensive stocks. By the close of the session, the FTSE 100 had risen by over 27 points to hit 5553, an increase of 0.5 per cent.
Chris Bradshaw
shareprices.com - Thursday, October 27, 2011
The latest swing upwards means another two and a half month closing session record, despite the uncertainty as investors await the outcome of the second EU debt crisis summit. Although the trend was upwards, defensive stocks were the ones in demand and trading volumes were light, just 75 per cent of the 90 day average, pointing to a degree of caution in the market.
Two companies that had announced good results continued to rise with BG Group higher by a further 1.2 per cent, in addition to the 3.8 per cent it added yesterday, whilst BP rose by another 0.8 per cent.
The banking sector did not fare particularly well, with investors nervous over the summit outcome leading to a sector loss of 0.3 per cent.
However, defensive stocks were undoubtedly the stars of the day with Imperial Tobacco rising by 3.2 per cent and British American Tobacco adding 1.5 per cent. The latter was boosted after reporting that its sales had risen by 7 per cent between January and September.
Pharmaceuticals were also being grabbed by investors, with Shire adding 2.7 per cent, the drug manufacturer benefitting from a broker upgrade due to its impending product releases and capacity for growth and GlaxoSmithKline rising by 0.8 per cent.
Vodafone was also one of the day's notable risers, adding 1.5 per cent.
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