FTSE stops slump on Friday despite poor US jobs data

The FTSE 100 index finished the week marginally up, stopping the slide which had been seen over the previous two sessions. By the close of trade on Friday, the blue chips had reached 5855, a modest increase of 0.1 per cent, adding 7 points after dropping more than 140 over the last two days.

Chris Bradshaw
shareprices.com - Monday, June 06, 2011

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Friday also saw data from the US released, with the number out of work increasing to 9.1 per cent, which the statistics the worst seen since September last year.

However, despite the concerns over the US data and the speculation over the safety of the global recovery, market analysts pointed to the FTSE 100's performance in closing at over 5800 as a marker of bullish trading.

Johnson Matthey was one of the firms having a better day on Friday, as despite falling earlier in the week, after the release of its end of year figures on Thursday, it saw its target priced upped by two brokers leading to a rise of 1.9 per cent for the catalytic converter.

Also benefitting from broker review was insurance industry specialist Resolution, climbing by 1.6 per cent.

The top performer of the day was Autonomy, with the software firm rising by 4 per cent as the takeover deal of Iron Mountain's digital assets made public in mid-May was finalised.

WPP was another firm on the up after acquisition activity, as the advertising heavyweight rose by 0.96 per cent as it bought 70% of the shares in Gringo Publicidade, a top Brazilian digital firm.

 

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