FTSE continues rally
The FTSE 100 has extended its climb to six days, gaining 1.29 per cent despite gloomy economic forecasts for the year.
FTSE continues rally" class="imageframe alignright" height="200" src="http://pictures.directnews.co.uk/liveimages/Stock+ticker_1455_18959118_0_0_7019987_300.jpg" width="200"/>The FTSE 100 has extended its climb to six days, gaining 1.29 per cent despite gloomy economic forecasts for the year.
Retailers provided some good news for investors today, with figures from Debenhams and Next suggesting the festive period was not as terrible as feared for the high street.
Mining stocks have also continued to support the index, while expectations of yet another rate cut are making equities look more attractive.
Investment firm 3i Group led the risers on the FTSE, closing 21.15 per cent higher, while hedge fund Man Group rose 17.38 per cent.
Retailer Next also performed strongly after reassuring investors the group is on track to meet its full-year profit expectations, and rose by 12.47 per cent.
Banking stocks were among the losers today, after the FSA confirmed the short-selling ban would be dropped.
Lloyds TSB shares fell 5.33 per cent, while HSBC was down 3.13 per cent.
Ryan Kneale, market analyst at BetsForTraders.com, said: "The major indices have continued their recent good run this morning despite poor economic data doing the rounds again.
"It now appears that bad news is expected and it is from this point that we can begin building a base for a market recovery. It won't be quick and we may have down days, but sentiment is beginning to turn."
Investors will be eyeing a trading statement from Marks & Spencer released tomorrow, which is expected to give details of job losses after falling sales.