FTSE up for fourth consecutive session, year's best week
Closing up by 0.54 per cent or 27.49 points the FTSE index of Britain's top 100 stocks reached 5,132.94 at the end of today. This is the fourth consecutive day of gains and caps the strongest week in a year. However the index is still down by 11.9 per cent from April's high point.
Chris Bradshaw
shareprices.com - Friday, July 09, 2010
Banks and mining stocks boosted the index in response to an improved demand outlook, yesterday's US unemployment figures added a rosy tint to thus far grey clouds. Antofagasta was today's top performer; it reached 888.00p, 4.20 per cent higher. Rio Tinto, Fresnillo, Kazakhmys, Vendanta Resources and Lonmin closed up by between 3.22 per cent and 1.71 per cent.
Lloyds Banking Group moved 1.94 per cent higher; Standard Chartered gained 1.42 per cent and HSBC closed up by 0.91 per cent. Suggestions that an investment vehicle designed to purchase retail banking assets is about to be formed and listed on the LSE boosted confidence in banking shares.
Following a 20 per cent rise since late June traders booked profits by selling BP stocks, driving the price of BP shares down by 1.4 per cent. The oil company is still trading 44 per cent higher than its low point in late April, when the oil spill first emerged. The BP share price is sustained, for the moment, by hopes that the leak in the oil well may be plugged in the next couple of weeks.
Overall trading on the LSE was light today as investors are waiting for Q2 2010 earnings reports.
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News
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