FTSE 100 up 1.61%

Wednesday 9th July 2008

The FTSE 100 broke through the 5,500 barrier today closing up 1.61 per cent to 5,528.30

After yesterday morning's massive falls, the index is now at its highest point this month – but further volatility is still expected.

London Stock Exchange Group saw the greatest rises – up 9.46 per cent – after announcing quarterly revenue that exceeded analysts' estimates, with sales increasing by eight per cent to £178 million.

Carphone Warehouse was up 7.96 per cent, while Lloyds TSB rose 6.91 per cent.

ITV and Wolseley climbed 6.48 per cent and 6.38 per cent respectively.

Energy services company John Wood Group saw the largest fall – down 2.67 per cent – while Thomas Cook fell 1.94 per cent.

BG Group dropped 1.92 per cent, Petrofac slipped 1.83 per cent and International Power fell 1.82 per cent.

Tim Hughes, head of sales trading at IG Index, said: "London was strong from the off today, playing catch up after a sparkling performance in the USA on Tuesday.

"Today’s surge by the UK blue chip index pushed it back to levels not seen for a week and many traders took encouragement that it has so far managed to hold onto gains above 5,500, which had proved to be something of a barrier in recent sessions.

"Although the US markets have got off to something of a quiet start, London has continued to hang onto gains so far, helped by a rare show of strength by the financials sector."

He added it remained to be seen whether today’s move was the beginning of a more meaningful recovery.

"We have seen the odd 'one day wonder' over the past couple of months only for the market to slide in the coming days," Mr Hughes explained.

Attention now turns to the Bank of England and its rate decision tomorrow – but a freeze on interest rates is widely expected.

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