PAIV:FTSE 100 to extend gains after metal prices rebound
The FTSE 100 is expected to rise 13 points (0.2 percent) after surging 44 points (0.75 percent) to close at 5,989 on Friday, taking its weekly gain to 267 points (4.7 percent).
Interdealer broker ICAP (LON:IAP) was the top performing blue chip in London on Friday, closing with a 5.1 percent gain. Banks Lloyds (LON:LLOY), Barclays (LON:BARC) and Royal Bank of Scotland (LON:RBS) followed, tacking on 3.7 percent, 3.5 percent and 3.2 percent respectively.
Packaging group Rexam (LON:REX) and ITV (LON:ITV) both ended Friday’s session with gains of just over 3 percent.
Gold miner Randgold Resources (LON:RRS) and quality and safety services company Intertek (LON:ITRK) were at the bottom of the FTSE 100 pile on Friday, with both companies falling 1.5 percent. Clothing retailer Next (LON:NXT) shed 1.1 percent.
US markets will be closed for the Independence Day holiday today.
US stocks were on the rise on Friday. The Dow Jones Industrial Average (DJIA) rallied 168 points (1.35 percent) to 12,582 and the broader S&P 500 index surged 19 points (1.45 percent) to end the week at 1,339.
Alcoa (NYSE:AA) led the DJIA components on Friday, rising 2.8 percent. Caterpillar (NYSE:CAT) and 3M (NYSE:MMM) both added 2 percent.
United Technologies (NYSE:UTX), General Electric (NYSE:GE) and Hewlett Packard (NYSE:HPQ) all added 1.8 percent.
IBM (NYSE:IBM), Disney (NYSE:DIS) and Intel Corp (NYSE:INTC) advanced 1.7 percent.
Asian markets were in buying mode today. Japan’s benchmark Nikkei 225 rallied 83 points (0.85 percent) to reach 9,952 just before close of play. China’s Shanghai Composite Index was up 46 points (1.7 percent) at 2,806 at the end of today’s session.
Commodities
US light, sweet crude for August delivery rose to US$95.13/barrel overnight in Asia. August Brent crude traded at US$111.68/barrel this morning.
Precious metals rebounded after falling on Friday. Gold climbed to US$1,493/oz this morning. Silver and platinum reached US$33.93/oz and US$1,718/oz respectively.
Base metals moved in the same direction as precious metals this morning. Copper and nickel advanced to US$4.29/lb and US$10.49/lb respectively. Zinc stood at US$1.063/lb.
