8:21am Friday 10th July 2009
THE FTSE 100 Index finished ahead for the first time this week by more upbeat corporate and economic news yesterday.
A decision by the Bank of England not to expand its quantitative easing programme was taken as a sign that an ailing UK economy was in no need of further immediate aid.
Keeping its head above water, the FTSE ended the day up 18.4 points at 4158.7.
Oil slipped below $60 a barrel and in London the Bank decision sent the pound more than one per cent higher against the dollar.
Miners led the FTSE risers, while broker upgrades for a number of major retailers helped the sector post gains, including a more than two per cent rise for Marks & Spencer.
Up 7.5p to 313.75p, M&S was joined among the leaders by Home Retail Group, owner of Argos and Homebase, after upgrades from broker Citi.
Home gained 6.5p to 266.5p, while Next was also ahead, up 38p at 1569p.
However, Primark parent Associated British Foods lost 2p to 763p despite a positive report from the clothing chain.
Miners surged up the risers board with Fresnillo leading the way, up more than ten per cent or 44.5p at 487p. Other firms in the sector making progress included Anglo American and Xstrata, which added 87.5p to 1651p and 22.7p to 609.8p respectively.
Legal & General gained 1.5p to 51.29p or three per cent after Morgan Stanley lifted its recommendation to overweight.
Admiral – rated a buy by Bank of America – joined it on the risers board with a gain of 22.5p to 887.5p.
In the FTSE 250, housebuilders Barratt Developments and Redrow reported higher sales and stable prices, but it did little for their shares.
Barratt fell 3.5p to 151p while Redrow lost 11.5p at 201p.
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