8th February 2012
The FTSE 100 has witnessed a recovery in its value to stand at more than 5,900 for the first time since the market peaked at 5,901.10 back in August last year.
Positive gains in the UK banking sector served as the catalyst for this latest rally, with the index gaining 15.9 points to stand at 5,906.2. One of the biggest movers today (February 8th) was Barclays, which gained 5.4p on its share price to reach 22.2p.
"The fact that the market stalled shortly after taking out the recent top at 5,901.10 leads me to believe that there was not a lot of new money in on the move," James Hyerczyk, analyst at Autochartist, told the Financial Times.
He added that longer-term charts are predicting little resistance at present up to the level of around 5,950.
Yesterday, the FTSE 100 dipped in afternoon trading as the impact of the latest Greek debt difficulties saw markets around the world placed under pressure.
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