FTSE 100 climbs 1.5%
FTSE 100 climbs 1.5%
Friday 6th February 2009
The FTSE 100 closed up 1.49 per cent to end the week with steady gains over the day's trading.The index ended the day at 4,291.87 – a rise of 62.94 points.
Technology firm Invensys was up 14.27 per cent after UBS put a 'buy' recommendation on the stock.
British Airways gained 10.50 per cent as fuel price drops renewed faith in the airline after recent losses.
Royal Bank of Scotland rose 9.09 per cent, Wolseley rose 8.18 per cent and Intercontinental Hotels gained.
Schroders was down 3.02 per cent, Imperial Tobacco fell 2.36 per cent and Pennon Group dropped 1.85 per cent.
In New York, the Dow Jones was up to 8,245.38 at 12:47 EST (17:47 GMT) – a rise of 182.31 points or 2.26 per cent.
Anthony Grech, market strategist at IG Index, said: "The UK index advanced steadily throughout the day and breached the 4300 mark by mid-afternoon – the upward trajectory seemed to be confirmed when the Dow shot up around 100 points on opening.
"In something of a paradox, it seems investors are viewing pessimistic data as a reason to hit the buy button.
"The consensus seems to be that with these worse-than-expected figures out of the US, Senators are going to have little choice but to bite the bullet and push through the stimulus package – the new president's personal lobbying of the proposal isn't going to hurt its chances either."
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