FTSE 100 rises 1.85%

Friday 12th September 2008

The FTSE 100 closed an eventful week climbing 1.85 per cent to 5,416.70.

In a week that has seen the US rescue of Fannie Mae and Freddie Mac, computer problems freezing the LSE and the stumbling of Lehman Brothers, the London index rose 0.87 per cent.

Friday's gains were prompted by the march of the miners.

Eurasian rose 9.06 per cent, Anglo American gained 8.41 per cent, Rio Tinto climbed 7.98 per cent, and BHP Billiton was up 7.40 per cent.

As tour operator XL went to the wall, TUI Travel was up 7.33 per cent – as it lost a competitor.

Shares falling were spread across sectors.

Builders merchant Wolseley fell 4.45 per cent, Smith & Nephew dropped 2.33 per cent, and Man Group slid 2.28 per cent.

Imperial Tobacco was down 1.70 per cent and HBOS fell 1.66 per cent.

David Jones, chief market strategist at IG Index, said: "The FTSE 100 index looks to end the week a good 100 or so points higher than last Friday’s close. This of course hides the big swings that we have seen over the past few trading days but many are hoping now all the Fannie, Freddie and Lehman news is out of the way we can look forward to a bit more of an orderly market until the next crisis raises its head.

"September has so far seen the FTSE 100 pull back from the brink, with the lows from July remaining intact. With the price of oil still under some pressure and flirting with the $100 a barrel level, it could point to a degree of optimism for the markets when trade resumes on Monday, with some traders eyeing the possibility of a run back up to 5500 as the next target for the index."

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