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FTSE 100 breaks through 6,300 barrier

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29/01/2013
London’s leading share index soared to its highest level since May 2008 in afternoon trading yesterday, breaking through the 6,300 barrier, as the New Year rally continues to gather pace.

Positive economic data from the US, released yesterday afternoon, helped keep the FTSE 100 on course to record one of its best January trading figures in two decades.

US durable goods orders increased by 4.6% in December, well ahead of the 2% consensus forecast, in turn boosting trader confidence.

The benchmark index was up 24 points or 0.4% at 6,308 in mid-afternoon trade, before slipping back slightly to close up 10 points or 0.16% at 6,294.

Winners included financials Barclays (up 1.71%), Aberdeen Asset Management (up 1.59%) and Schroders (up 1.36%).

So far this year, the FTSE 100 has added around 6.5% – one of its best January showings in two decades.

The ‘great rotation’ out of bonds has been one of the main drivers behind the FTSE 100’s even stronger start to the year, despite fears the UK economy could fall into a triple-dip recession later this year.

Concerns over the UK’s waning ‘safe-haven’ status have hit sterling badly so far this year.

The pound has lost 4.9% against the euro in 2013, putting it on course for its worst month since December 2008.

Sterling fell below €1.17 at one point yesterday, and touched lows around $1.57 against the Greenback.

Meanwhile, the Dow Jones closed yesterday down 0.10% or 14.05 points at 13,881.93.

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