MARKET UPDATE – FTSE RECORD – IT MIGHT JUST HAPPEN!

Will it? Won’t it? The FTSE 100 has flirted with investors for 3 days now as to whether it will breach the 6930 threshold. The agreement the Eurozone has secured with Greece to renew the bail-out for 3 months has not provided a scrap of momentum to the FTSE – already priced in governor! The US is waiting with bated breath to hear Janet Yellen’s pearls of wisdom. However the Street is up 50 points at 3.25pm. The FTSE is up 25 at 6937 – We are through, but will it stay there?

 

Volumes have been derisory. Mining stocks on the back of BHP Billiton +6% has pushed Anglo American and Glencore on by 3% and Rio by1%. Oils are in good shape – +1.25% on average! Just Retirement has the yellow jersey – up 15%. Then Drax has been the next most attractive story – +8% with 6.5 million shares traded against an average of 1.4 million – a stench of M&A, but pure rumour and perception. Persimmon has had a great run – profit taking down 3.5%. Meggitt has suffered much the same -5%. RBS, ahead of Thursday’s numbers was 1% to the good. Provident Financial +0.25% – somnolent!

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