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Sharp rise for FTSE 100 on commodities strength

28th September 2011

The FTSE 100 has seen gains of 2.5 per cent in trading yesterday (September 27th) amid a recovery in global commodities.

Reuters reports investor appetite for risk returned yesterday morning and this had the effect of restoring some of the lost confidence that has been seen in markets over recent days.

Precious metals saw a significant rebound, with gold a particular winning in trading after mining firm Fresnillo saw its shares increase by 6.6 per cent.

"This 'whippy' behaviour suggests that investors remain unconvinced that the bottom is in place ... nevertheless, a snap rally could conceivably lift the UK index up to around 5,330 in the short-term," commented Bill McNamara, technical analyst at Charles Stanley in a note.

On Monday (September 26th), the FTSE 100 saw a late rally in trading after sharp falls early in the day.

Financial shares bolstered the index, with banks including Barclays, Royal Bank of Scotland and Lloyds leading the charge.

Posted by Andrew Johnston
 

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