FTSE rallies for a sixth day

Wednesday, 16 June 2010 12:29

By myfinances.co.uk staff

The FTSE 100 Index rose 18.64 points, or 0.4 per cent, to 5,236.46 as stocks advanced for a sixth day, its longest winning streak in nine months.

Aggreko gained 1.7 per cent to 1,469p after Citigroup raised its recommendation for the shares to "buy" from "hold," citing the company's "unique assets."

Cairn Energy rallied 2.5 per cent to 436.7p after announcing that the Greenland Cabinet has formally approved the company's first two wells of its 2010 exploration program in the Disko West area.

Fresnillo declined 12p, or 1.1 per cent, to 1,058p and Lonmin lost 18p, or 1.1 per cent, to 1,619p. JPMorgan Chase & Co. lowered its recommendation for both mining companies to "underweight" from "neutral."

J Sainsbury increased 2.1p, or 0.7 per cent, to 326.5p. The UK's third-largest supermarket owner reported a 1.1 per cent rise in sales at stores open at least a year in the 12 weeks ended June 12th.

Jupiter Fund Management jumped 16.5p, or 10 per cent, to 181.5p on the first day of trading. The company priced its initial public offering at 165p.

Man Group declined 3.5p, or 1.4 per cent, to 242p after the largest publicly traded hedge-fund firm reported a 3.12 per cent decline in the net asset value of its flagship Man AHL Diversified Futures over the last week.

Schroders retreated 31p, or 2.3 per cent, to 1,334p as Citigroup lowered its recommendation for the second-largest publicly traded UK money manager by assets to "sell" from "buy," citing concern that retail investor demand will slow this year.

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