FTSE 100 up 1.91%

Wednesday 30th July 2008

The FTSE 100 ended the day up 1.91 per cent today to 5,420.70, as confidence from gains in New York maintained over the day.

The rise means last Thursday's losses have been recovered – but the index is still well down on its May peak of 6376.50.

Today, Ferrexpo was up 11.73 per cent to 295.25p and packaging firm Rexam rose 9.50 per cent.

Insurers Admiral Group and Aviva climbed 10.79 per cent and 8.73 per cent on good results, while Vedanta Resources rose 7.99 per cent.

Poor results with profits down 70 per cent saw Lloyds TSB drop 4.67 per cent.

Energy generator Drax fell 1.91 per cent, GlaxoSmithKline slid 1.77 per cent, Morrison Supermarkets was down 1.39 per cent, and Smiths Group fell 1.15 per cent.

Anthony Grech, market strategist at spreadbetting firm IG Index, said: "After Tuesday’s strong performance in the USA, the FTSE was always going to open higher and not even downbeat news from banking and retail stopped the momentum.

"A couple of months ago these would have been reason enough for the market to open the trap door again and for prices to plunge – but it has not been the case so far. Once again, there is a feeling building out there that maybe, just maybe, the prices in these sectors are already discounting the gloomier outlook and tempting some bottom fishers in."

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