FTSE moves up despite thin volume

The FTSE 100 index carried on charging upwards as it shrugged off concerns over how the Greek finance package could be construed by ratings firms. The blue chip index surged back past the vital 6000 barrier with a 0.5 per cent gain of over 27 points to reach 6017 by close of trade.

Chris Bradshaw
shareprices.com - Monday, July 04, 2011

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Royal Dutch Shell 'A'

The rise came without the help of the US markets which were shut down for the US Independence Day holiday, reducing trading volumes to just 52 per cent based on the ninety day average.

Integrated oil firms were the strongest performers in the blue chip leader board, despite the price of crude remaining relatively steady.

BG Group was one of the notable performers, climbing by 0.8 per cent following a rise in its target price set by HSBC after its increase in its estimated Brazilian reserves announced last week. Royal Dutch Shell was also higher, up by 1 per cent as it was singled out by Goldman Sachs as a top pick for the sector, as second quarter figures are expected to be strong.

Moving in the opposite direction in the same industry was Cairn Energy as the oil explorer fell by 3.3 per cent. It was the biggest blue chip casualty of the day, penalised by investors for the reprice of its Indian assets sale to Vedanta Resources.

Elsewhere in the market, British Land climbed by 2.3 per cent as Deutsche Bank recommended the stock as one expected to demonstrate an upwards swing in net asset worth.

 

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