UK’s FTSE notches up fifth day of gains on firm financials
LONDON, Aug 10 Britain’s top equity index rose on Wednesday in its fifth straight day of gains as stronger financial stocks offset weaker energy shares which tracked a pullback in oil prices.
The blue-chip FTSE 100 index rose 0.2 percent to 6,866.42 points, near its highest level in 14 months.
Financial stocks added the most points to the UK stock market, as insurer Prudential Plc advanced 2.2 percent, helping lift rivals such as Legal & General and Admiral , with Admiral touching a record high.
Although Prudential reported lower first half profits, it said it was well placed to deliver both growth and cash.
MB Capital trader Rick Jones said the FTSE 100 had received a further fillip from traders moving in to buy up several blue-chip stocks before investors lost the right to qualify for their latest dividend payouts..
“The FTSE’s been helped by some last-minute buying of those stocks for their dividends,” said Jones. “We’re bullish on the market in the medium to long term, but in the short-term we’re a bit more bearish as we’ve had a good run over the last month.”