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FTSE 100 enjoys another positive week

January 18 2013, 7:06pm
FTSE 100 enjoys another positive week

London extended its 2013 winning streak with Friday capping another week in forward gear.

Steel maker Evraz (LON:EVR), which was up 4.5%, was the star performer among blue-chips, with investors focusing more on encouraging growth data from China than Evraz’s decline in output in the latest quarter.

Platinum refiner Johnson Matthey (LON:JMAT) also moved up on the Chinese data, advancing 2.7%.
Rio Tinto (LON:RIO) was up 1.8% as analysts continued to take a positive view of yesterday’s departure of accident-prone chief executive Tom Albanese.

Xstrata (LON:XTA) and Glencore (LON:GLEN) ended the day little changed after South Africa’s state owned utility company withdrew its objections to the merger.

The Footsie closed up 22 at 6,154, up 33 on the week.

Meggitt (LON:MGGT) rose 1.4% after an upgrade to ‘overweight’ from Barclays Capital analysts, citing the stock as a “forgotten” story – but not for much longer, they reckon

Sainsbury’s (LON:SBRY) slipped 0.6% after the supermarket chain made its way onto Goldman Sachs’ ‘conviction sell’ list as a result of slowing momentum.

Elsewhere in the retail sector Kingfisher (LON:KGF) fell 4.3% as its chief operating officer, Euan Sutherland, revealed he will be off at the end of March.
Outside the top flight, Ashmore Group (LON:ASHM) slipped 3.2% after a UBS downgrade, while house builder Bovis Homes (LON:BVS) drifted 2.0% lower despite raising its profit expectations for the full-year.

Not for the first time, the really big share price movements were to be found among the minnows.

ReNeuron (LON:RENE), the stem cell specialist shot up to 2.75p, a 6.8% increase on top of yesterday’s big gains.

Junior oil explorers Sound Oil (LON:SOU) and Fastnet Oil & Gas (LON:FAST) made their way up, with the former firming 7.5% and the latter hardening 5.1%.

Sula Iron & Gold (LON:SULA) rose 4.9% after it started drilling in Sierra Leone following positive early results.

Oracle Coalfields (LON:ORCP), meanwhile, suffered despite unveiling two fundraisings in another step in its bid to develop Pakistan’s first large scale coal mine.

It has raised around £0.93mln by placing around 62 million shares at 1.5p each, with the current share price at 2p each.

The shares fell 0.125p to the placing price of 2p.

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