FTSE surges as investors await EU summit
The leading share index in the UK managed to reverse some of its losses in the last day of trading of the week over renewed hope over a European solution. The FTSE 100 climbed upwards by 1.9 per cent, reaching 5488, a gain of nearly 104 points in a single day of trading.
Chris Bradshaw
shareprices.com - Monday, October 24, 2011
The positive surge in sentiment was primarily led by investors taking up positions ahead of the crucial EU summit where many are anticipating a final solution will be reached. The index has been choppy since mid-August, being range-bound as investors look for an indication that european leaders are in agreement over the way forward before commiting to breaking the resistance level.
The miners performed particularly well as the sector benefitted from HSBC predicting that the price of iron ore and copper would climb higher, finding its way out of its recent lows. The top climber on the FTSE 100 was Xstrata, adding 6.2 per cent as it was upgraded by HSBC. Fellow miner Antofagasta was not far behind, being the fourth strongest blue chip performer of the day, rising by 5.49 per cent.
The controversial death of Colonel Gaddafi was also felt on the stock market as experts predicted that isolated fields in the west of the country could now be accessed, with most believing that the oil productivity in Libya will now climb back to pre-conflict levels. The news pushed the price of oil upwards, with Brent moving higher by 0.74 per cent. `
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