FTSE 100 up after slow start
Wednesday 6th May 2009, 5:10PM BST.
Investors have shrugged off fears over tomorrow’s ‘stress test’ for US banks, sending the FTSE 100 up 1.37 per cent to 4,396.49.
The UK’s top shares’ index rose 59.55 points over the day despite an early morning wobble on an overnight fall in US markets.
Uncertainty over how US banks will fare against the US government’s test sent shares tumbling on the Dow Jones yesterday and the drop was reflected in this morning’s trading.
Shares in travel firms were among the risers, after their battering last week amid swine flu fears.
Thomas Cook Group was up 6.06 per cent, while British Airways was up by 4.82 per cent and TUI Travel jumped 4.2 per cent.
Anthony Grech, market strategist at IG Index, said: “This bucks the trend of recent months; we have become accustomed to downward movement the day after a major rally such as we saw yesterday, but today saw the market show more resilience as it held on to recent gains.”
If today’s positive sentiment is reflected in US markets, it would lend weight to the argument we are heading into a bull market, Mr Grech said.
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