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FTSE advances to five-year high FTSE advances to five-year high
(20 minutes later)
London's blue-chip FTSE 100 stock index has risen to a five-year high, the latest global market to benefit from a wave of buying and earnings optimism. London's blue-chip FTSE 100 stock index has risen to a five-year high, the latest global market to benefit from profits optimism and lower oil costs.
The FTSE-100 index rose to 6,143.5, its highest mark since February 2001, as strong commodity prices boosted demand for leading mining companies. The FTSE-100 index added 22.2 points, or 0.3%, to 6,143.5, its highest mark since hitting 6,197.9 in February 2001.
Wall Street has set several new highs over the past two weeks. Global markets have recovered from a slump earlier this year when crude prices jumped and there was a nuclear stand off between the US and Iran.
The Dow Jones Industrial Average closed at its highest mark since 2000 this month, assisted by falling oil prices. Wall Street has set new highs in past weeks, while Asia indexes also are up.
The FTSE closed above 6,000 earlier this month for the first time since May and has continued rising. Analysts said more gains were possible, though warned against overoptimism.
Key markets around the world are bullish with India's Sensex index closing at a record high of 12,746.75 on Friday "Some of the big issues which have weighed on investors' minds over this year have started to dissipate," said Henk Potts of Barclays Stockbrokers.
Just after midday, the FTSE was up 22.2 points at 6143.5. "There is talk about 7,000 by the end of the year but we would say it looks optimistic at the moment although prospects are still good," he added.
Different drivers
The UK has been benfiting from strong earnings growth in sectors such as banking and commodities.
On Thursday in London, mining stocks including Kazakhmys and BHP Billiton were lifted by tin prices hitting 17-year peaks.
The FTSE also got a lift from gains in oil companies after the price of crude, which has dropped more than 20% in the past months, rebounded.
BP climbed 1.9%, while Shell added 0.5%.
On Wall Street, the Dow Jones Industrial Average closed at its highest mark since 2000 earlier this month.
Key markets around the world also have been bullish, with India's Sensex index closing at a record high of 12,746.75 on Friday.