FTSE 100 closes up 1.25%
FTSE 100 closes up 1.25%
Monday 20th July 2009
The FTSE 100 closed up 1.25 per cent today – holding on to last week's gains.The index saw steady gains throughout the morning and held on to gains for most of the afternoon bar a small late dip.
At close in the City, the FTSE 100 was up 1.25 per cent to 4,443.62 – a gain of 57.36 points.
Miners Kazakhmys led the gains up 7.59 per cent, while Eurasian rose 5.31 per cent.
Legal & General rose 7.57 per cent while Prudential was up 5.54 per cent.
Lloyds Banking was up 6.68 per cent to 72.01p as Northern Rock chairman Ron Sandler was mooted as moving over to the black horse to replace Sir Victor Blank and the Conservatives ditched plans to automatically carve up the lender if they take power.
Pharma Smith & Nephew fell 2.38 per cent, while British Airways was down 2.35 per cent.
Intertek lost 2.31 per cent, Serco was down 1.08 per cent and Anglo American slipped 1.00 per cent.
In the US, the Dow Jones was up 0.54 per cent at 12:01 EDT (17:01 BST), while S&P 500 gained 0.55 per cent.
Anthony Grech, market strategist at IG Index, said: "There was a positive start to the week on Wall Street after CIT Group looked to have avoided bankruptcy – a rescue that only helped increase confidence in London.
"News that the lender has secured financing and avoided Chapter 11 has swept away some of the risk aversion that looked set to stall progress in equity markets."
Back in the UK, Mr Grech said attention among traders was now turning to the 4,500 mark – last briefly touched in June and not seen really since January and the back-end of 2008.
"If the FTSE can crack this level and traders start to see it as a support for gains rather than a ceiling for profit, we may be in for a ride up to the 4700 point in the coming weeks," he said.
"Naturally, this rather depends on a base level of stability in the underlying economy."
He also warned many traders may see 4,500 as a point at which to sell and take profits.
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