FTSE 100 hits five-month high
Monday 1st June 2009, 5:18PM BST.
The FTSE 100 closed two per cent higher to 4,506.19, breaching the 4,500 barrier for the first time since January.
The blue-chip index has now rallied 28 per cent from this year’s low in March, boosted by hopes of a recovery.
Oil and mining firms led the rise as commodity prices surged, including crude oil which jumped to its highest level since November.
Xstrata shares jumped by 10.96 per cent, while Vedanta Resources was up by 8.98 per cent.
Cairn Energy was also up by 6.87 per cent and Tullow Oil rose by 5.56 per cent.
A few stocks were still in the red, including Centrica, which fell by 3.46 per cent after Standard & Poor’s cut its credit rating, and Compass Group, which was down by 2.26 per cent.
Trading on Wall Street was also positive, with the Dow Jones up by 2.3 per cent and S&P 500 up by 2.5 per cent.
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