FTSE 100 closes up 1.5% to end week

Friday 14th November 2008

The FTSE 100 closed up 1.53 per cent on Friday – after dropping earlier gains – but over the course of the week dropped three per cent.

At the end of a mildly volatile week, the index closed at 4,232.97 – a rise of 63.76 points on the day.

In Europe, where the eurozone nations were officially deemed to be in recession, the Dax was up 1.31 per cent and the Cac 40 managed to gain 0.67 per cent as traders spied the weekend.

On Wall Street, the Dow Jones Industrial Average was down 3.89 per cent to 8,491 at 12:06 EST (17:06 GMT).

David Jones, chief market strategist at IG Index, said: "Today's boost was no surprise as the FTSE followed on from gains in the US overnight.

"A lack of major news has tempered any meaningful rally or decline this week, although next week's MPC minutes and the latest CPI figures could give the FTSE something to feed on."

Mr Jones added: "News that the eurozone is experiencing its first recession since the introduction of the single currency has dampened the early optimism in the markets."

He added: "As Christmas approaches, declining retail figures are yet another clue to the extent of recession."

In London biggest gains went to hedge fund Man Group up 7.67 per cent.

Prudential rose 7.61 per cent, Standard Chartered gained 6.37 per cent, BAE Systems rose 5.53 per cent and Cairn Energy gained 5.29 per cent.

On the downside, Vedanta Resources fell 8.00 per cent, Petrofac was down 3.94 per cent, Marks & Spencer dropped 3.83 per cent, Lonmin fell 3.71 per cent and ICAP lost 3.53 per cent.

On the currency markets, sterling was up against the dollar and the euro by 0.20 per cent and 0.58 per cent respectively.

£1 is now worth $1.4857 and €1.1671 – making €1 worth 85.7p.

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