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Banks lead gains on FTSE 100
10 December 2009
British banks led today’s gains on the FTSE 100, with Royal Bank of Scotland and Lloyds both firmly in demand with investors.
The UK banking sector bounced with RBS shares down 48% and Lloyds 28% from their August highs. A number of broker upgrades also triggered to sway investors today with BskyB, BT and Segro all benefitting.
Joshua Raymond, market strategist at City Index, said that European markets have gained after three days of weakness with investors gaining confidence after the Bank of England kept rates on hold and maintained quantitative easing levels.
He explained: “There have been a few feathers ruffled of late with the Spain and Greece debt downgrades and the Dubai situation still lingering. The fact that the MPC voted to maintain levels has provided a degree of reassurance to investors.”
Raymond added that the Footsie remains range bound for the minute because as the index reaches near the top of its current range, investors will use it as an opportunity to lock in profits for the year end.
He added: “It is continually looking like it may take something really positive, like US retail sales tomorrow to force investors hand beyond this right now."
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