FTSE 100 breaks up for Christmas in positive territory
FTSE closes 60 points from record territory
by Abi Moses on 26th December, 2016 and updated 26th December, 2016 12:55pm
At just 60 points from record territory, the FTSE 100 close for Christmas today, showcasing levels last seen in October of this year. Although enjoying a pretty quiet week, It closed up 4.49 at 7,068.17, with Capita reigning supreme around lunchtime, with traders feeling it to be oversold. In times of ' annus horribilis', arguably down to the two profit warnings issued in less than three months, shares have plummeted almost 60% over the course of the year, making their Christmas triumph a surprise for many.
Barclays PLC (LON:BARC) became the latest UK lender to enter the limelight on its activities by the US Department of Justice. HSBC PLC (LON:HSBA) – off 1.3% was taken along with it.
“The lawsuit is a surprise because it was assumed a reasonable compromise could be reached between the DOJ and the banks,” said Jasper Lawler of London Capital Group.
“Barclays appears to be playing the long game, hoping it can get a better result in the courts.”
Vast Resources PLC (LON:VAST), also enjoyed a rise, increasing close to 50% after the AIM-listed mine developer claimed its private equity wants to help fund the development of its Romanian business.
With activity dropping off as lunchtime approaches, it seems at Spread Betting 10am was a popular spread betting window, with an air of positivity filling the UK economy.
The City Index reads:
'The Footsie looked to be seeing out the final half-day trading session before Christmas with a whimper rather than a bang, slipping lower around mid-morning despite some fairly upbeat news on the UK economy.
Britain's gross domestic product grew by more than expected in the third quarter, showing no sign of any slowdown from June's Brexit vote.'
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