FTSE 100 holds firm to end the week

Friday 29th August 2008

The FTSE 100 ended Friday up 0.63 per cent – holding on to yesterday's gains.

The index closed up 35.40 points to 5,636.60 – rising 4.9 per cent over the shortened week.

Biggest gains of the day went to Petrofac – up 5.07 per cent – followed by John Wood Group rising 4.72 per cent.

Cairn Energy rose 4.24 per cent, London Stock Exchange gained 4.07 per cent and Ferrexpo climbed 3.63 per cent.

Enterprise Inns fell 3.57 per cent, DRAX was down 2.16 per cent, Royal & Sun Alliance Insurance dropped 2.14 per cent, National Grid slipped 1.99 per cent, and Eurasian was down 1.57 per cent.

In Wall Street, early trading saw, falls with the Dow Jones dropping 1.31 per cent and the Nasdaq down 2.03 per cent.

David Jones, chief market strategist at IG Index, said: "Although today has seen a tighter range than yesterday and US markets have opened slightly weaker, this has not done too much to dent the optimism for the UK.

"The FTSE 100 has reached levels not seen since the end of June and leaves this month as the first positive monthly finish for the index since April. Although Wall Street is somewhat muted as we approach the UK close, today’s performance will leave many traders eyeing the 5700 mark as the next objective for the FTSE."

However, he claimed "the potential fly in the ointment" for further UK gains from current levels is the state of the US market.

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