FTSE 100 up 0.85%
FTSE 100 up 0.85%
Tuesday 21st July 2009
The FTSE 100 saw the seventh day of gains today rising 0.85 per cent.The index closed at 4,481.17 – climbing 37.55 points.
Leading the gains today was Morrison Supermarkets.
The firm was up 8.19 per cent after announcing second quarter sales volumes were up and full year results would be ahead of expectations.
Property giant Hammerson gained 4.50 per cent and Legal & General rose 4.27 per cent, while miners Anglo American and Fresnillo rose 4.11 per cent and 4.01 per cent respectively.
TUI Travel dropped 2.60 per cent, while Friends Provident dropped 2.50 per cent as the saga of a merger/take over with Resolution dragged on.
Retailer Kingfisher dropped 2.17 per cent and Scottish & Southern Energy fell 2.02 per cent.
In the US, after initial gains on Wall Street, the Dow Jones headed into lunch down 0.06 per cent – as Federal Reserve chairman Ben Bernanke warned interest rates would have to stay low for an extended period in a bid to foster recovery.
In London, the real test will now be if recent optimism can continue, if some of hot air is let out of the balloon.
David Jones, chief market strategist at IG Index, said: "After sideways trading in May and prolonged weakness into July, the rally over the last week and a half has come out of the blue and at the moment it still remains strong.
"It is fair to say that stock markets are at a significant crunch point now. The S&P and Dow Jones indices are fluctuating around their highs for the year, while the FTSE is back up at the 4500 level which consistently squashed rallies through May."
He added if there is a point where the recent strength could be expected to evaporate then it is now.
"We are back to levels where investors have consistently thrown in the towel for much of this year," Mr Jones said.
"If we see a break though these levels then it does suggest there is real conviction that there is yet more upside to come from share prices - and the recovery since March starts to look much more sustainable than any we have seen for over a year."
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