Friday, December 24, 2010

Britain's FTSE 100 Index closed above 6,000 for the first time since June 2008

Britain's FTSE 100 Index closed above 6,000 for the first time since June 2008, extending the yardstick for measuring progress for the fourth straight week.

Resolution Ltd., BG Group Plc and Schroders Plc all rose at the close of trade today, dragging the index higher. JJB Sports Plc rose 24 percent in the broader All-Share index after the retailer announced a share sale to shore up its finances. Randgold Resources Ltd. fell after metals producer said the political crisis in Ivory Coast un''impacto would impact on its earnings.

The FTSE 100 rose 12.85, or 0.2 percent, to 6,008.92 at the close at 12:30 pm in London, extending its weekly gain of 2.3 percent. The FTSE All-Share Index rose 0.1 percent today, while Ireland ISEQ Index fell 0.2 percent to close 1:15 pm in Dublin.

"The prolonged rally Santa has left the market looking strong before the holidays and there is still scope for further increases before the end of year," said David Jones, head of London-based strategy of IG Index.

The FTSE 100 briefly yesterday from 6,000 in intraday trading for the first time since June 2008, as U.S. reports added to evidence that the recovery in the world's largest economy is intact. So far this year, the FTSE 100 has risen by 11 percent.

Resolution rose 2 percent to 239.5 pence, bringing the close of trade today. BG Group advanced 1.2 percent to 1,337.5 pence and Schroders also recovered, gaining 1.4 percent to 1,900 pence.

JJB Sports Salta

JJB Sports jumped 24 percent to 5.3 pence, their biggest gain in almost six months after the unprofitable maker of sporting goods announced plans to raise at least 31.5 million pounds ($ 48,600,000) for help the company survive. JJB sell new shares at 5 pence each, more than yesterday's closing price of 4.3 pence. The sale has the support of major shareholders JJB, while Bank of Scotland Plc has agreed to waive a trial January JJB banking agreements.

Randgold Resources fell 4.3 percent to 5,265 pence after the metal producer said its fourth quarter was "proving to be even more difficult than expected." Ivory Coast President Laurent Gbagbo's refusal to surrender the presidency to Alassane Ouattara, the country won 28 November elections, has led to violence, delaying the delivery of equipment to mine the Tongon Randgold, which affect production, the company said yesterday in a statement.

GKN Plc, which manufactures aircraft components for Airbus SAS, lost 3.5 percent to 218 pence, breaking the longest streak of gains action since October 2009.

Eatonfield Group Plc fell 12 percent to 0.5 pence after the developer reported a loss of 13.8 million pounds in the year to June 30, wider than 4.4 million pounds loss last year.

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