FTSE soars as Greece agrees new debt deal

The top share index in the UK rose sharply as the news that Greece had approved the austerity measures broke across Europe. The FTSE 100 reacted strongly to the agreement, which now paves the way for the country avoid a formal debt default and means the next tranche of aid money should flood in shortly.

Chris Bradshaw
shareprices.com - Thursday, June 30, 2011

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The FTSE 100 soared by 1.5 per cent as it closed up at 5855, a rise of over 89 points and a significant rise for the week so far and a marked difference to recent performances.

As the price of metals climbed, the mining sector was higher with Eurasian Natural Resources, Antofagasta, Kazakhmys and Xstrata all rising with increases of 5.19, 4.76, 3.85, 4.48 per cent respectively.

Elsewhere in the market, TV stock ITV climbed by 6.6 per cent as renewed speculation about a possible bid circled round investors. Rumours abounded that shares would be available at approximately 110-120 pence each.

Engineers were also higher on the day with one of the strongest climbs seen across the board for several firms. GKN, Smiths Group and IMI all rose, with increases of 2.8 per cent each.

At the opposite end of trading, the retailers had a far more difficult day with the recent flurry of buyouts on the high street sending consumer confidence spiralling downwards. In the blue chips, Marks and Spencers as well as Next and Kingsfisher all shed by 1.98, 0.13 and 0.56 per cent each.

 

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