FTSE 100 Climbs On First Trading Day Of 2012
Traders on London’s FTSE 100 share index began 2012 on a positive note
4:58pm UK, Tuesday January 03, 2012
Britain’s leading share index had a good begin to the year, with the FTSE 100 up by nearly 2.3% when markets closed on its first day of trading in 2012.
It ended the day at 5,699, a rise of 127 points.
A sharp rise in mining stocks helped lift the share index, with the sector boosted by stronger than expected global manufacturing data.
After a three day holiday, analysts stated the FTSE 100 was catching up with gains posted in continental Europe the previous day.
Manoj Ladwa, a senior trader at ETX Capital, said: “Following on from a solid performance across Europe yesterday, investors piled in and trading screens quickly turned blue.
“Traders will be looking for the positive momentum to continue as January usually serves as a barometer for the rest of the year.”
It followed a rollercoaster year during 2011, when £90.5bn was wiped off the value of the index. It ended the year in December 5.6% down from the beginning of 2011.
While the FTSE 100 had broken through the symbolic 6,000 barrier at the begin of 2011, its first major dip came in March with the Japanese tsunami.
Values further deteriorated in August as the eurozone crisis grew, culminating in the year’s low of 4,944 in early October.
UK-listed oil stocks also did well as this year’s trading began, with BP shares rising by 1%.
This was on the same day as the oil giant called on its contractor Halliburton to pay all costs and expenses it incurred to clean up the 2010 Gulf of Mexico oil spill.
Meanwhile, British manufacturing received a small New Year boost with data showing a slower than expected decline in December.
The Markit/CIPS manufacturing index rose slightly to 46.9 in the last month of 2011, up from 46.4 in November.
But the sector remains weak, with any index reading below 50 indicating a contraction in growth and the survey warning that the risk of another recession persists.
source : news.sky.com
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