FTSE peaks at 30 month high

The FTSE 100 index rose another 0.2 per cent in Thursday's trading, reaching 5993 by 11.46 GMT, having hit a 30 month record of 5999 earlier in the session. Experts are widely tipping the index to break through the 6000 barrier, despite trading volumes being only 13 per cent of the average volumes over the last 90 days as the market winds down for the festivities.

Chris Bradshaw
shareprices.com - Thursday, December 23, 2010

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After enduring a difficult few days of trading as the harsh weather affected Christmas shoppers, the retailers were hoping for a busy day as the snow melted with DIY group Kingfisher rising by 1.7 per cent. Travel companies also breathed a sigh of relief as flights got back on track and tour operator TUI climbing 2.2 per cent, the top blue chip riser.

Integrated oil companies also had a good morning of trading with the price of crude oil heading towards a 24 month peak. On the back of this hike, BP added 1.4 per cent to its price.

The miners did not have such a successful morning with losses across the board. Rio Tinto dropped 1 per cent as it tabled a $3.9 billion bid for fellow miner Riversdale in a move widely expected to be the subject of intense interest from rivals. With metal prices sinking, Xstrata was one of the companies most heavily affected losing 0.7 per cent.

After adding 9 per cent onto its stocks on Wednesday, ARM Holdings retreated by 4 per cent, holding the dubious honour of being the top of the leaderboard for blue-chip fallers.

 

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