FTSE 100 breaks four-week slump
Friday 13th March 2009, 5:21PM GMT.
The FTSE 100 closed at 3,753.68, ending the week out of the red after gaining 223 points since last Friday, breaking a four-week losing streak.
The UK’s benchmark index rose 6.3 per cent over the last five days, as better news from the US calmed investors’ nerves.
Mining group Xstrata led the risers with a 10.34 per cent gain, with Land Securities following with an 8.65 per cent jump.
Financial stocks also continued to make gains, with HSBC rising 6.67 per cent and insurer Legal and General up 6.55 per cent.
Friends Provident led the downside, falling 5.53 per cent, while WPP Group dropped 4.7 per cent.
Ryan Kneale, market analyst at BetsForTraders.com, said: “Following the positive noises being made by US banks yesterday, the equity markets have rallied hard this morning.
“Banking stocks are leading the way as traders look to scoop up some potential bargains. Mining stocks are also up as officials in China have confirmed their economy will hit the eight per cent growth target.”
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