FTSE 100 up 0.6% after flat day

Thursday, 26 March 2009 05:30

The FTSE 100 saw a relatively flat day today, but traders saw no time for breath after earlier turbulence in the week.

The index closed - with a gentle rally - up 0.64 per cent to 3,925.20, a rise of 24.95 points, hiding considerable volatility among individual stocks.

Despite the index recording slow growth, double digit gains were recorded.

Miner Eurasian was up 16.93 per cent after an upgrade note putting it as a 'buy' was posted.

Barclays rose 13.53 per cent, Legal & General rose 12.09 per cent and Lloyds Banking was up 11.65 per cent.

British Land fell 4.53 per cent, BAE Systems was down 4.37 per cent and Centrica fell 4.36 per cent.

ICAP dropped 3.90 per cent and BT Group was down 3.78 per cent.

In New York, the Dow showed a reasonable positive start to the day, up 1.76 per cent to 7,886.49.

Tim Hughes, head of sales trading at IG Index, said: "The day got off to a downbeat start with UK retail sales data showing a bigger-than-expected slide for February - consumers' worries about unemployment and heavy snow are thought to have taken their toll on the high street.

"Market reaction was muted and it seems that the next big focus for investors is going to be Friday's latest UK GDP numbers."

He added: "Although it is difficult to see enormous amounts more upside from here, assuming the latest GDP data for the UK is no worse than expected, there could still be enough bullish sentiment around to tempt the FTSE into pushing up to the 4,000 mark in the short term."

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