FTSE 100 continues to rise
FTSE 100 continues to rise
Thursday 17th September 2009
The FTSE 100 continued its run of fortune today – rising 0.78 per cent.At close of trading, the index closed at 5,163.95 – a rise of 39.82 points.
Balfour Beatty led the gains rising 7.94 per cent after it was revealed it was to buy US consultancy Parsons Brinckerhoff and was calling on shareholders to part with £353 million to fund the deal.
British Airways was up 5.50 per cent after the airline was upgraded to a 'buy' by Goldman Sachs.
Tullow Oil rose 4.89 per cent on a Sierra Leone oil strike.
Water firm Pennon Group rose 3.17 per cent and packing group Rexam climbed3.10 per cent.
Miner Lonmin and Eurasian fell 2.62 per cent and 2.35 per cent respectively, while ICAP was down 1.68 per cent.
Sage Group fell 1.63 per cent and 3i lost 1.40 per cent.
In New York, the Dow was dropping from early gains and was down 0.11 per cent to 9,781.05 at 12:14 EDT (17:14 BST).
On the currency markets, sterling was up 0.17 per cent against the dollar and up 0.04 per cent against the euro to $1.6521 and €1.1212.
David Lamb, head of treasury services at No1 Currency, said sterling has been lagging of late as macroeconomic and political news weigh on the currency.
"With investor confidence in a global recovery seemingly rising by the day, further indications this week of the UK falling behind these recovery projections came from Bank of England governor Mervyn King," he said.
Mr Lamb said Mr King's comments on lowering deposit rates for banks at the bank of England showed further evidence that the MPC was "a long way off from the exit strategy from accommodative rates that appears to be the case elsewhere around the globe.
"As things stand, sterling has fallen to a four month low against the euro which in turn is making 12 month highs against the dollar," he added.
"Meanwhile, as the pound and dollar battle it out for the dubious accolade of being the weakest of the major currencies, sterling is trapped in the middle of the broad 3-month 1.58/1.70 range against the greenback but would appear biased to the downside following the 26 per cent rise in value from January through to August."
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