FTSE upward trend continues; banks and miners lead

The top share index in Britain continued its surge through the ranks on Friday as the worries over sovereign debt in Europe seemed far away from investors minds. The FTSE 100 climbed by a further 0.7 per cent to reach 5989, the sixth day in a row where the index had finished higher than it started and a 5.1 per cent gain for the week making it the best five day period in nearly a year.

Chris Bradshaw
shareprices.com - Monday, July 04, 2011

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Despite the positive sentiment around the market right now, experts are suggesting that the debt issue in Europe is far from over and that any gains will have a ceiling, with stocks being sold on strength. The recommended stance by many brokers over the coming months is neutral.

Nevertheless, the appetite for risk was back for investors as the mood was also lifted by strong economic data from the US, far better than predicted. This unexpected boon lifted the mining sector with the overall movement up by 1.99 per cent. Eurasian Natural Resources jumped by 2.4 per cent whilst Antofagasta also fared well and climbed 1.9 per cent. The exception for the industry was Randgold Resources who fell by 1.5 per cent, making it the bottom performing stock in the index, as those in the know pointed to an 'underweight' broker rating as the cause.

Banks were also higher with the sector being up by 1.38 per cent. The upward trend was helped by Lloyds Banking Group who added 3.69 per cent and Royal Bank of Scotland who climbed by 3.7 per cent.

 

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