FTSE 100 moves back into black for year
Friday 8th May 2009, 5:03PM BST.
The FTSE 100 is on track to start making gains for the year after rising 1.44 per cent to 4,462.09 after a week when the index hit four-month highs.
After opening at the 4434 level back on January 2nd, the UK’s leading share index plunged to a six-year low of 3,512 in early March.
Since then, the market has rallied and is now out of the red with a 0.6 per cent gain for the year so far.
Royal Bank of Scotland led the risers with a 13.94 per cent rise to 47.40p after investors were cheered by news the bank has cut costs and made profits in some divisions – despite an overall £44 million loss.
Commodities also made further gains, with Vedanta Resources up by 8.58 per cent and Antofagasta up 7.12 per cent.
However, property companies fell on fundraising fears, with British Land Co down 8.8 per cent and Land Securities Group falling 6.5 per cent.
This week, the FTSE 100 has rallied strongly as positive economic news from the US has cheered investors, while banking results in the UK have been a mixed bag, but overall not as bad as feared.
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