FTSE resumes climb and hits two month peak

The top share index in the UK, after dropping on Wednesday, did a u-turn and marched back up the leader board on Thursday as fears over commodities faded. The FTSE 100 index was higher by 0.9 per cent by the close of trade, reaching 6054, the highest end of day level seen since 5 May.

Chris Bradshaw
shareprices.com - Friday, July 08, 2011

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The market was given an unexpected boost by the latest set of data from the US which showed the number of jobless falling and more jobs being created. This, along with reassuring words from city experts over China's economy, did wonders to revive the price of commodities.

The FTSE 100 has soared by close to 7 per cent after hitting a three month record low just eleven days ago, with the possibility of a resolution to the Greek debt crisis the main cause of the rise.

Despite the strong sentiment around the market, not all stocks were moving upwards. BSkyB was one of the notable fallers, shedding 1.8 per cent as the storm over the phone hacking scandal by News Corps continued to send whispers round investors that the takeover deal could be halted.

However, the worst performer of the day was Hammerson which dropped 4.75 per cent. The firm sent the real estate investment trust sector lower by 2.27 per cent overall, as it saw one of its biggest stakeholders sell off its entire stock of shares. Land Securities Group also fell by 2.88 per cent.

 

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