FTSE 100 stabilises
FTSE 100 stabilises
Thursday 7th August 2008
The FTSE 100 maintained its position today flirting with the 5,500 mark.A narrow dip at the end of the day saw the index close down 0.16 per cent to 5,477.50.
Eurasian saw the biggest gains of the day – up 9.83 per cent – after yesterday stating it was set to meet production targets, while miner Antofagasta rose 4.42 per cent.
Medical supplies maker Smith & Nephew rose 5.20 per cent, Group 4 Securicor was up 4.65 per cent and energy generator Drax climbed 3.99 per cent.
On the downside, Reit Liberty International fell 5.39 per cent, British Airways dropped 5.04 per cent and insurer Friends Provident was down 4.91 per cent.
Cruise operator Carnival dropped 4.34 per cent and BAT lost 3.30 per cent.
David Jones, chief market strategist at IG Index, said "Today’s focus was on Barclays as the bank reported first half profits down by about a third compared to the same time last year.
"It is a sign of the new found positive sentiment surrounding banking at the moment that this was shrugged off by investors and the price managed to push higher. The last three weeks have seen the share price rise by 50 per cent – it is still down by around a quarter from where it started the year but for now investors still seem keen to believe the worst is behind the banking sector."
He added: "The scale of the rise in Barclays over the past few weeks helps to illustrate how strong the bounce back has been across all markets since the FTSE had a look at the 5000 level in mid July.
"5500 is still viewed as something of a ceiling for the index though and today hasn’t changed the fact that traders may be happy to book profits at current levels as it is starting to look like the clever money is on another trip lower from here."
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