19th Sep 2013 07:28
LONDON (Alliance News) - Shortly after the market open on Thursday, all major UK indices are considerably higher, with every single FTSE 100 stock making gains in the first few minutes of trade.
The FTSE 100 has opened up 1.3% at 6,641.00, the FTSE 250 is up 1.5% at 15,321.00, and the AIM All-Share is up 0.7% at 789.00.
Markets are rallying, following US and Asian markets higher, on the back of last night's decision by the Fed to keep quantitative easing levels on hold. The QE program had now pumped about USD2.8 trillion dollars into the US economy, and markets are now to some extent addicted to the cheap money. A tapering on USD10-15 billion per month had been widely expected. However Ben Bernanke decided the time wasn't right and left asset purchases at USD 85 billion.
Stocks are pushing higher globally on the surprise announcement, with the DJIA recording an all time high Wednesday, closing up 147 points, or 1% at 15,676.
Metal and mining stocks are the big gainers in London. On the FTSE 100, Randgold leads, up nearly 11%. Fresnillo are up over 9% and Anglo American are up nearly 5%.
The solitary losing blue-chip stock after the initial surge is Vodafone, which trades down 0.2%.
UK retail sales at 0930BST provide the first major data release Thursday.
By Jon Darby; [email protected]; @jondarby100
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