FTSE 100 up 13% over week

28-11-2008

FTSE 100 up 13% over week
The FTSE 100 ended the week over 13.4 per cent higher, beating the record rally at the end of October.

The index closed at 4,288.01 after a surge in the last half hour of trading – after a week that has seen the government cutting taxes to boost the UK economy and the US government bailing out Citi.

On the day, the London index was up 61.91 points or 1.46 per cent.

Pharmaceutical stocks were trading higher on Friday, while mining stocks were lower on the leading share index.

Standard Chartered was up 10.12 per cent, while Shire rose 6.19 per cent and AstraZeneca was up 5.3 per cent.

Lonmin shares fell by 6.68 per cent and Antofagasta fell 6.49 per cent.

David Jones, chief market strategist at IG Index, said: "A late surge in the last few minutes of trading has seen a healthy finish to the day after a somewhat lacklustre session.

"The return of trading in Wall Street after the Thanksgiving holiday seemed to perk the UK up with a strong start propelling the FTSE 100 back towards 4300."

However, he warned signs of health were still and far between.

"With the markets ending the week on their highs and some of the stomach churning volatility taking a back seat in recent days, many investors will be hoping for a return to more normal times and maybe some sort of continued half-decent recovery," he said

"The fly in the ointment for this rosy outlook is of course the cold hard fact that it is only a week since the broader US market briefly slipped back to levels not seen since 1997 – hardly a sign of health.

"For now though momentum remains upbeat – so while it looks unlikely that the bear has left us just yet, investors go into the weekend with the recent recovery intact and with the possibility of distinct, albeit modest, gains in prospect for the start of next week at least."



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