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FTSE100 closes more than 3% higher as investors come back

Britain's blue chips closed Thursday over 3% higher as traders put recent worries behind....

Britain's blue chips closed Thursday over 3% higher as traders put recent worries behind them.

FTSE100 finished the afternoon session, up 212 points, or 3.56% to 6,192.

Global markets recovered and commodity prices went north, which aided the big cap miners, which made up four of the top five risers.

Top of the pile was Anglo American (LON:AAL), up 9.94% to 729.4p.

On the losing front, hospitality and hotel giant Whitbread (LON:WTB) was a laggard - dropping 0.44% to stand at 4,799p.

Bolstering sentiment was also news from across the pond of a revision upwards in the second quarter GDP numbers.

As a signal of the strengthening economy, GDP (gross domestic product) rose by 3.7% in the three months to June, which was better than analysts reckoned, and compared with an initial estimate of 2.3%.

To the companies themselves and oil giant BP (LON:BP.) benefited from the higher crude price with a 6.43% jump[ to 352.2p, while Royal Dutch Shell (LON:RDSB) added almost 5% to 1,664p.

Speculation that the US Federal Reserve will hold back from raising interest rates next month also lifted sentiment.

Michael Hewson at CMC Markets said: "Now the talk is less of when the Fed will raise rates but more of whether they should, or even whether they should implement further easing in the form of QE4."

Recruitment firm Hays (LON:HAS) rose 2.53% to 158.10p as it reported 17% headline growth in annual operating profit despite a £9.6mln foreign exchange headwind.

Russian gold miner Petropavlovsk (LON:POG) sparkled 1.05% higher to 5.76p after forecasting significantly higher second-half production.

Sierra Rutile (LON:SRX) dropped 3.37% to 21.5p on news of a first-half loss, although it said falling costs had put it on track to hit full-year targets.

A big riser was Atlantic Coal (LON:ATC), which added 87.50p to stand at 0.15p after it revealed that in the six months to June 30, it delivered sales of US$10.4mln, up 9.7% on the corresponding period a year ago, and an increase in profit from operations of just over US$4.4mln as last year’s small loss turned into a profit of US$4.24mln. The firm was the top London riser.

Fitbug (LON:FITB) added almost 15% as the UK wearable technology expert appointed a new chief executive following the departure of previous chief executive Michael Fried in December.

Interim product director Anna Gudmundson has been elevated to the role having led the development of the firm’s digital coaching platform Kiqplan since February.

Since joining she has restructured company working methods, introduced a new product development process and redeveloped Kiqplan.

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