FTSE on course to reach 18 month high

Friday, 05 March 2010 11:23

By myfinances.co.uk staff

The FTSE 100 added 0.4 per cent to 5,549.4 in early trading this morning leaving it poised for the highest close since September 2008 and a weekly gain of 3.6 per cent.

The FTSE 100 has gained 9.8 per cent since February 5th as UK companies including Barclays and Royal Bank of Scotland Group reported better than expected earnings leading to greater faith in a global economic recovery.

Investors will also be awaiting a report on US payrolls, due out today, to gauge the strength of a recovery in the world's largest economy.

United Business Media, publisher of InformationWeek, led gains this morning as it jumped 7 per cent to 499p, the most in eight months after beating profit estimates. The publisher reported 2009 operating profit of £171.2 million.

Tate & Lyle climbed 2.2 per cent to 452p after Credit Suisse raised its recommendation to "outperform" from "neutral," citing the benefits for earnings of a stronger dollar and the work of a new management team.

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