FTSE 100 up 0.48%
FTSE 100 up 0.48%
Friday 11th September 2009
The FTSE 100 remained over 5,000 today – trading at its highest since September 2008.The miners helped the index to rise as the dollar weakened and commodity prices strengthened.
However, New York was down after a morning's trading.
The Dow was down 0.08 per cent to 9,619.55 at 11:40 EDT (17:40 BST), meanwhile Chicago's S&P 500 held firm up 0.01 per cent.
These weighed on London with the index closing below the highs of the day.
The FTSE 100 closed at 5,011.47 – a rise of 23.79 points or 0.48 per cent.
Over the course of the week, the index rose 3.30 per cent.
Friday's biggest gain was Man Group – rising 8.89 per cent as the hedge fund benefitted from reports the industry would see positive inflows of clients' cash in 2009 as a whole.
Miner Fresnillo gained 5.07 per cent, International Power rose 3.53 per cent, Autonomy climbed 3.30 per cent and Lonmin was up 3.24 per cent.
Leading the drops was Home Retail – down 4.72 per cent – as traders closed out their positions after Thursday’s better-than-expected second quarter results.
TUI Travel stepped back from yesterday's gains down 1.76 per cent, while Burberry lost 1.57 per cent.
BT was down 1.29 per cent.
Philip Gillet, sales trader at IG Index, said "With this week seeing the FTSE back above 5000 for the first time since October 2008 today’s strong finish will help to show that this ongoing strength was not just a one-off.
"Market sentiment has remained pretty constant over the past two months with any sell-offs proving short lived and investors happy to keep buying into the subsequent strength."
He added: "5,400 remains the next objective for the UK market and for now there are no signs that the positive mood is waning."
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