FTSE powers higher led by bargain hunters

The blue chip index soared higher on Wednesday as thrifty investors looking for a bargain drove the market upwards. The FTSE 100 index climbed by over 161 points to reach 5318 by close of trade, a rise of 3.1 per cent.

Chris Bradshaw
shareprices.com - Wednesday, September 07, 2011

Printable version email to a friend Subscribe to shareprices.com newsfeed

The sharp increase follows a 1.1 per cent rise on Tuesday which was seen after the index fell close to 6 per cent over the preceding two days. The see-sawing volatility of the market has led to analysts suggesting that traders are remaining wary and will look to snap up bargain shares only to sell them very soon after, rather than invest for the longer term.

The oil firms were some of the strongest performers on the day as the price of oil started to creep higher. Tullow Oil was the highest riser with an increase of 7.83 per cent whilst its peers Essar Energy and BP also climbed upwards with rises of 5.44 and 4.00 per cent respectively.

Also higher was Wood Group which increased by 3.24 per cent ad BG Group which added 5.81 per cent as investors reacted to the announcement that it is hoping to acquire an Indian company, Oil and Natural Gas Corp.

WPP moved up by 4.39 per cent as it bought Global Market Insite, a market research firm which will merge with WPP's Lightspeed Research operation.

Moving in the opposite direction were the precious metal miners with African Barrick Gold, Fresnillo and Randgold Resources all down by 0.66 per cent, 0.34 per cent and 2.31 per cent respectively.

 

Latest News

Related News

FTSE 100 Latest

ValueChange
5,403.2898.80  % rise