Britain's top share index rose on Friday, as bargain hunters snapped up commodity-linked stocks following two days of sharp losses, and echoing late gains on Wall Street after upbeat U.S. economic data overnight.
|||Britain's top share index rose on Friday, as bargain hunters snapped up commodity-linked stocks following two days of sharp losses, and echoing late gains on Wall Street after upbeat U.S. economic data overnight.
By 10:57 SA time, the FTSE 100 was up 10.75 points, or 0.2 percent, at 5,878.66, having closed down 1.8 percent at 5,867.9 on Thursday for its lowest finish in five weeks.
“This is a trend we have seen in the early part of 2011. Short-term investors happy to pick up the pieces when the market falls and take profits on spikes,” Jimmy Yates, head of equities at CMC Markets, said.
“As with most of the major market moves so far this year, lack of real volume is exacerbating swings and the truth lies somewhere in the middle.”
Investor sentiment was also aided by encouraging U.S. economic data, as positive unemployment and housing data helped U.S. markets pare earlier losses.
Miners , which have been the standout fallers, after soaring growth data from China, the world's biggest consumer of raw materials, heightened fears of interest rate rises there, rebounded.
Antofagasta and Eurasian Natural Resources each added 0.7 percent, tracking marginally better metal prices.
Integrated oils were also a good support for London's blue chip index as crude bounced off recent lows.
Royal Dutch Shell and BG Group climbed 0.6 and 0.1 percent respectively, helped as Investec Securities initiated coverage on both stocks with a “buy” stance in a review of the sector.
INVESTORS BANK ON RBS
Royal Bank of Scotland topped the FTSE 100 risers list, up 5.0 percent on reports in the Financial Times that the partly nationalised bank could leave the government's asset protection scheme (APS) early.
Banks in general were mixed as the spectre of euro zone's debt issue lingered.
The head of Germany's main industry confederation has called for the immediate restructuring of Greece's sovereign debt to end a “counterproductive” debate that seeks to delay the inevitable.
Spain is planning to force its regional savings banks to become conventional banks and seek stock market listings, a source familiar with the matter told Reuters.
The state-backed bank restructuring fund (FROB) would then take stakes in the banks which fail to attract private investment, the source said.
Elsewhere, National Grid fell 1.1 percent as the utility sector waned after recent gains.
National Grid fell 0.9 percent following recent gains after the New York Public Service Commission denied a proposal by the UK's largest utility to recover all of its estimated deferred costs for the Niagara Mohawk unit.
On the upside, Autonomy , up 1.8 percent, bounced following recent weakness and after it announced another two agreements to license its Intelligent Data Operating Layer software.- Reuters
Source: http://www.iol.co.za/ftse-rises-off-five-week-low-1.1015213
Ireland Egypt New Castle United International criminal court Niclas Alexandersson Lee Bowyer
No comments:
Post a Comment