FTSE 100 clings on to 5,000
FTSE 100 clings on to 5,000
Tuesday 15th September 2009
The FTSE 100 closed up 0.46 per cent today as the index managed to hold its position over 5,000.
The index closed up 23.28 points to 5,042.13.
BT led the gains up 4.39 per cent after Ofcom announced it was lifting the ban on the former monopoly from selling bundled telecoms packages.
Cairn Energy rose 3.68 per cent, Fresnillo gained 3.67 per cent and platinum group metal producer Johnson Matthey gained 3.16 per cent.
Hedge fund man Group rose 3.21 per cent.
Home Retail was down 3.58 per cent and Kingfisher fell 2.80 per cent following disappointing sales figures from Debenhams.
Icap was down 2.48 per cent, Rexam fell 2.22 per cent and Burberry dropped 2.08 per cent.
David Jones, chief market strategist at IG Index, explained the FTSE 100 was briefly at its highest in a year after US retail sales data bolstered confidence.
"For two months now we have seen a similar pattern of ongoing strength in the market, with very few pauses for breath along the way," he said.
"Dips, when they come, are not lasting long and there still seems to be a fear of being left on the sidelines which is helping to keep any sell-offs short-lived."
He added: "Obviously this is not going to last forever, but at the moment sentiment still remains strongly positive with September 2008 highs around 5,400 still looking like the next target for the UK index."
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