FTSE soars on Friday as Italian fears ease
The top share index in the UK finished the week on a high as investors were cheered by some positive news to finally arrive from Italy. By the end of the session, the FTSE 100 was higher by 1.85 per cent to close on 5545 for the week.
Chris Bradshaw
shareprices.com - Monday, November 14, 2011
The past five days have been rather tumultuous for Italy as Silvio Berlusconi has finally resigned and a new leader is set to be installed, as well as bonds peaking at over 7 per cent, leading to markets being spooked by the thought of the massive economy toppling. However, the yield has now reduced to 6.47 per cent, much higher than comfortable but below the trigger point of 7 per cent. The Italian government has also given the official thumbs up to the austerity package the EU has been urging it to commit to.
The US also boosted markets by revealing the results of the latest consumer confidence survey had reached a five month peak, far outstripping expectations.
Some of the biggest gainers of the day were financial stocks and banks, previously hit heavily by the rocky eurozone problems.
The top riser of the day was Schroders, higher by 6.83 per cent, helped by Deutsche Bank raising its rating to 'buy'.
Not far behind Schroders was Royal Bank of Scotland, climbing 6.40 per cent whilst peers Lloyds Banking Group and Barclays also featured in the top 10 risers of the day with increases of 6.13 and 5.24 per cent respectively.
Hargreaves Lansdown and Prudential reached ninth and tenth place respectively on Friday with rises of 4.86 and 4.78 per cent.
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