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TMCNet:  Markets driven upwards by economic data ; YESTERDAY IN THE CITY [Western Morning News (England)]

[July 04, 2014]

Markets driven upwards by economic data ; YESTERDAY IN THE CITY [Western Morning News (England)]

(Western Morning News (England) Via Acquire Media NewsEdge) Strong economic data on both sides of the Atlantic drove the FTSE 100 Index higher and ensured new record levels for Wall Street markets.

The Dow Jones Industrial Average topped 17,000 for the first time after a closelywatched jobs report jumped by 288,000 in June, more than had been expected. The news also sent the S&P 500 to a record high, though US markets will be forced to pause today for the July 4 holiday.


The figures extended a recent run of positive economic news in the US and UK, helping the FTSE 100 Index climb 48.8 points to 6865.2.

The all-time record close of 6930 from December 1999 is now back in sight as the top flight continues its recovery after a disappointing June.

The pound stayed near its six-year high against the US dollar, even though the latest CIPS survey for the services sector showed a slight slowdown on the previous month. The pound held firm at 1.71 against the US dollar and was slightly higher at 1.26 versus the euro after European Central Bank president Mario Draghi said eurozone interest rates will remain unchanged at 0.15% for an "extended period".

In London stronger demand, as indicated by recent economic updates, helped mining stocks post strong gains in the FTSE 100 Index. Antofagasta set the pace with a rise of 38.5p to 820p, while Anglo American was 40p higher at 1525p.

Other big movers included mobile phone giant Vodafone, up 2p to 196.6p, and Barclays with a gain of 2.3p to 219.4p.

In the FTSE 250 Index, Poundland was 4% higher after issuing better-than-expected full-year results. Shares surged by 13.2p to 341.9p as Poundland set out plans for 60 new outlets.

The biggest FTSE 100 risers were Sports Direct International up 41p at 769p, Antofagasta up 38.5p at 820p, Imperial Tobacco up 99p at 2698p and Fresnillo up 29p at 933.5p. Biggest fallers were Coca- Cola HBC down 17p at 1336p, Royal Dutch Shell down 26p at 2404p Land Securities down 9p at 1049p and BP down 2.9p at 516.9p.

Closing value of FTSE 100 Index, a rise of 48.8 points on the day 6865.2 (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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