FTSE recovers following delayed start

Friday saw the FTSE 100 remain closed until 12.15 GMT with a problem with 'market data' being blamed for the delay. When the session did eventually start, the index saw a good day of trading with many of the overall losses of the week reversed, closing at 6001, a rise of 1.4 per cent.

Chris Bradshaw
shareprices.com - Monday, February 28, 2011

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The mining sector provided the main support for the index, with many firms increasing after wobbling all week as doubts over the North Africa and Middle East crisis affected market sentiment. With fears now subsiding, the miners rebounded with Lonmin the standout performer with a climb of 4.5 per cent. However, many of the companies in the sector posted strong results with increases of over 3 per cent for Anglo American, Antofasgasta, African Barrick Gold and Verdanta Resources.

The banks performed well overall with HSBC rising by 2.4 per cent as the market anticipated a good results announcement on Monday. However, Lloyds Banking Group bucked the trend for the sector, dropping 4.5 per cent as it announced a $4 billion loss resulting from the Irish debt crisis and going on to report that profits would not be any better in 2011.

Elsewhere, the effects of the global unrest showed signs of diminishing with oil prices starting to settle, dropping to $111 per barrel, down from approximately $120 during the previous session. Much of the improvement in the position came as Saudi Arabia stepped in, as previously promised, stepping up its production of oil to cover any potential shortfalls.

However, the top mover and shaker of the albeit shortened day was ARM Holdings soaring 6 per cent with a broker upgrade helping to boost sentiment around the firm.

 

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