FTSE ends week on a high

Mon, 4th Apr 2011

Britain's leading share index finished the final session of the week by breaking through the 6000 barrier and hitting a six week closing high. After finishing down 0.7 per cent in the previous session, the index ended the week by rising 1.7 per cent to a whisker under 6010, with this level not having been attained since 21 February.

After dropping to a low of 5591 at the height of the Japanese crisis, the index has recovered to rise by 7 per cent, a gain of 1.9 per cent on the year so far.The top riser of the day was John Wood Group, energy supplier, climbing up the leader board with a rise of 5.1 per cent over the announcement of a new director. Staying within the energy industry, BP also performed well helping to push up the value of integrated oil stocks by adding 3.5 per cent following market analysis declaring that its stocks were significantly undervalued.Positive jobs data from the UK helped market sentiment whilst growth data from China boosted the miners, with Randgold Resources the top performer adding 4.7 per cent.GlaxoSmithKline also benefitted from a positive broker review, jumping by 0.9 per cent, with European pharmaceuticals upgraded overall.The banks also rebounded from recent losses as concerns over Ireland and the eurozone debt crisis faded into the background yet again, undoubtedly to make another appearance again soon.On a day where gains were seen across the board, the top faller was 3i Group, private equity firm, with a slump of 4.4 per cent following the announcement of poor results in the UK.
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