FTSE 100 up 0.29%
FTSE 100 up 0.29%
Tuesday 8th September 2009
The FTSE 100 gained 0.29 per cent today.This morning also saw the FTSE 100 rush to its highest level in 11 months in the morning – but gold pushing over $1,000 an ounce put a couple of cats among the pigeons.
At close, the index was at 4,947.34 – a rise of 14.16 points.
Tim Hughes, head of sales trading at IG Index, said: "Mining stocks have played a big part with stronger base metals prices helping to lift the sector.
"Gold has pushed through the $1,000 mark, but there is some scepticism among traders about how sustainable this will prove to be."
He added: "Over the past 18 months strength up to here has turned out to be short-lived and, assuming it is mainly driven by the weak US dollar, there does not appear to be further compelling reasons for it to move much higher."
Miner Kazakhmys led the pack rising 6.42 per cent, while Fresnillo gained 5.07 per cent and Rio Tinto was pushed up 3.55 per cent.
InterContinental Hotels rose 5.47 per cent and British Airways rose 4.25 per cent.
Insurance was the sour puss of the day – with Aviva falling 3.20 per cent, RSA Insurance dropping 2.35 per cent and Legal & General down 2.25 per cent.
Centrica fell 2.12 per cent and British Sky Broadcasting was down 2.04 per cent.
In the US, markets reopened after Monday's public holiday with the Dow up 0.20 per cent and the S&P500 up 0.53 per cent.
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