Post-Easter surge on FTSE

Fri, 5th Apr 2013

The top share index in the UK moved higher on its first day back after the Easter break, lifted by M&A chat in the market plus strong figures Stateside. By the close of trade, the FTSE 100 was higher by 1.23 per cent, reaching 6490.

Vodafone was one of the stocks helping to push the index higher, as rumours circulated that the telecomms firm could be the subject of the biggest takeover bid ever seen.

Elsewhere factory orders in the US climbed by 3 per cent during February, outstripping expectations and far exceeding the 2 per cent drop recorded during the previous month.

However, news from closer to home was not quite as cheery as the PMI in the manufacturing sector in both the Uk and the eurozone remained below the vital 50 point mark, indicating contraction rather than any growth in the industry.

Airline operator easyjet was the top of the leaderboard amongst the bluechips, higher by 4.44 per cent as sentiment rose ahead of its half yearly trading updates which are due to be released on Friday.

At the opposite end of the table, miners were having a torrid time as the price of metals fell, dragging the stocks lower. The heaviest faller on the day was ENRC, followed closely by Evraz, recording losses of 4.39 and 2.48 per cent respectively. Also in the bottom 10 were Antofagasta, Randgold Resources, Vendanta Resources and Anglo American shedding between 1.78 and 1.06 per cent.

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