FTSE 100 up after record quarter

Thursday, 01 October 2009 09:41

The FTSE 100 was up this morning in early trading - after completing a record quarter.

The third quarter saw gains of nearly 21 per cent - the highest gain since its inception in 1984.

However, growth driven by relief that the economic downturn was not a depression just a recession and the lack of returns elsewhere for investors is not set to continue and traders are eyeing a reasonably flat run into Christmas.

The FTSE 100 was up trading today - rising 11.86 points - or 0.23 per cent - to 5,145.76.

Vedanta Resources rose 6.36 per cent after an upgrade from Morgan Stanley.

Legal & General led the insurers with gains of 5.92 per cent.

Aviva rose 3.01 per cent and Standard Life was up 2.88 per cent.

Aviva confirmed it was selling its Australian business to National Australia Bank, while Legal & General benefits over takeover speculation now with the same National Australia Bank cited as a predator.

Standard Life gained as it is reported to be looking at selling its banking assets - with Barclays named as a bidder.

Lonmin dropped 2.21 per cent, while BAE Systems was down 1.98 per cent as it was revealed the firm may face bribery charges.

Last night in the US, the Dow was down 0.31 per cent, while the S&P 500 dropped 0.33 per cent.

Overnight in Asia, the Hang Seng fell 0.28 per cent and the Nikkei was down 1.53 per cent.

In Europe this morning, the Dax was up 0.49 per cent and the Cac40 rose 0.27 per cent.

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