FTSE advances for third consecutive day
The FTSE 100 advanced today, completing a hat trick of successive daily gains as investors across the globe prepare themselves for the upcoming board meeting from the Federal Reserve and the announcement from Ben Bernanke which is expected to follow it.
The two day meeting will focus on a very broad range of policies, including the $85bn a month bond buying program which has been the cause of so much speculation and hesitation among investors of late. The program has now been in place for four years and is expected to draw to a close when the US economy shows signs of solid, sustainable economic growth. The question on investors lips is, what constitutes as a solid and sustainable?
The Fed are not the only financial group meeting this week with big decisions to be made. The G8 have gathered for their two day meeting to discuss a trade route between the EU and the United States. The European Union recently sanctioned the discussions and will be looking for feedback from meeting.
The FTSE advanced by 25.86, or 0.41% to 6330.49. Aggreko PLC led the index in gains with an advance of 66.00 points, or 3.83%, closing at 1791.00. Resolution PLC made health gains of 8.00 points, or 2.91%, closely followed by Experian PLC who advanced by 26.00, or 2.27%, closing at 1,173.00.
Reckitt Benckiser Group PLC took the largest stride forward on a points basis, adding 100.00 points, or 2.18%, to their price to close at 4,679.00. Citigroup reaffirmed their outlook for the stock, maintaining its “Buy” rating and its price of 5,450p per share, saying it was massively “undervalued”.
ARM Holdings PLC continued their recent slump on the back of its US division’s torrid period. The chip maker declined by a further 32.00 points, or 3.71%, to 83.00 — the biggest percentage based fall of the day. Randgold Resources Ltd fell by 142.00 points, or 2.91%, to 4,739.00 at the close of play in London.