FTSE 100 rises over day to hold firm

Monday, 14 September 2009 05:38

The FTSE 100 closed up 0.15 per cent today - after making up initial early losses.

At close of play, the index stood at 5,018.85 - a rise of 7.38 per cent.

Commodity stocks maintained a drag on the index, but the FTSE 100 ended in positive territory following morning gains in New York.

BAE Systems led the gains, rising 2.14 per cent, while Cobham was up 2.07 per cent.

Interek rose 1.82 per cent, Man Group gained 1.61 per cent and Unilever climbed 1.48 per cent.

Eurasian was down 3.05 per cent, Cairn Energy dropped 2.92 per cent, BG Group fell 2.29 per cent and Tullow Oil slid 2.01 per cent.

British Airways was down 1.99 per cent.

In New York the Dow was down 0.19 per cent after the index climbed from initial gains, while the S&P 500 was down 0.05 per cent by 12:34 EDT (17:34 BST).

Phillip Gillet, sales trader at IG Index, said: "After getting hit reasonably hard in the morning session, shares in London have gradually clawed back the earlier losses to sit flat on the day.

"The mining sector was dragging the index lower in early Monday trading and although this is still in the red, a slight recovery here has taken a lot of the pressure off the stock market."

He added: "The afternoon recovery does not come as a surprise - this is still a market that has plenty of positive sentiment, which is all too ready to take precedence over any weakness. It seems very likely that more gains will be made this week and a move through last week's high of 5050 is expected in the days ahead."

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