FTSE 100 up 2.6%

17-07-2008

FTSE 100 up 2.6%
The FTSE 100 climbed 2.63 per cent to 5,286.30.

Confidence returned after yesterday's rally in New York and was unaffected by fall on Wall Street recorded on opening today.

ITV led the gains up 9.22 per cent, but it was the financial stocks that pushed forward the gains.

Standard Chartered rose 9.20, Barclays was up 8.90 per cent, insurance giant Old Mutual rose 8.86 per cent and RBS climbed 8.79 per cent.

Meanwhile the utilities took a beating.

Power generator Drax fell 5.24 per cent, International Power slipped 2.17 per cent, Severn Trent dropped 1.75 per cent, British Energy Group slid 1.73 per cent and Centrica was down 1.19 per cent.

Outside the FTSE 100, construction saw some renewed confidence – although some bottom feeding was seen.

Taylor Wimpey rose 24.81 per cent, Bellway climbed 20.20, Berkeley was up 18.68 per cent and Barratt Developments rose 16.67 per cent.

David Jones, chief market strategist at IG Index, said: "What everyone is wondering is whether this is the start of a real recovery for stock markets or just another flash in the pan before the market turns lower again.

"There are a couple of things that give hope to the bulls this time around and hint that maybe there is at least a bit more strength to come in the short-term. First of all recent so-called psychological levels have held for the major indices – 1200 for the S&P 500 and 5000 for the FTSE 100.

"Arguable more importantly, the strength over the last day or so has so far shown some real momentum and has managed to reach a bit further than the dead cat bounces we have been used to."

However, Ryan Kneale, market analyst at BetsForTraders.com said the champagne should remain on ice.

"We have seen too many of these days where we think we have seen the worst and it is all plain sailing from here," he said.

"These types of days have been swiftly followed by the indices falling back down twice as hard the very next day."


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