FTSE 100 ends flat
Tuesday 16th June 2009, 5:19PM BST.
The FTSE 100 rose just 0.06 per cent to 4,328.57 after a strong start as commodities continued to weigh on the index.
BT Group rose surged ahead with an 8.01 per cent rise after Morgan Stanley upgraded the stock to ‘overweight’, while Man Group was up by 4.64 per cent following news the hedge fund may sell its stake in MF Global.
Financial stocks also posted rises, with Lloyds Banking Group up by 4.64 per cent and insurer Friends Provident up by 2.26 per cent.
The gains were balanced by falls in commodities, with Rio Tinto down by 2.45 per cent, BG Group falling by 2.18 per cent and Eurasian Natural Resources down by 1.61 per cent.
David Jones, chief market strategist for IG Index, said: “Further weakness from the mining sector and an erratic start from the Dow dented the modest gains the index had made earlier in the day.”
News that British Airways has asked its staff to work for free has not helped boost confidence in the economy either, Mr Jones added.
“But the big concern at the moment is that equity markets will tumble once governments start withdrawing the vast stimulus packages used to prop up ailing economies,” he said.
“If this consensus builds sufficient momentum, a large-scale sell-off may be added to the already tricky mix. For now though, the holding pattern for the FTSE continues.”
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