Newspaper article The Evening Standard (London, England)

Footsie Has 5300 Mark in Its Sights as Punters Pour Cash into Shares; MARKET ROUND-UP

Newspaper article The Evening Standard (London, England)

Footsie Has 5300 Mark in Its Sights as Punters Pour Cash into Shares; MARKET ROUND-UP

Article excerpt

Byline: Mickey Clark

CITY investors were continuing to pump money into the stock market today as leading shares led another assault on the 5300 resistance level.

At the same time, the price of gold continued to take advantage of a weak dollar, rallying from yesterday's sell-off to post a rise of $8 to a record $1,113.85. That, in turn, provided a lift to miners, such as Randgold, which topped the leaderboard with a leap of 223p to 4800p. It was accompanied by Rio Tinto, up 101p at 3143p, Kazakhmys, 53p to 1305p, and Anglo American, 53p to 2487p.

The heavy weighting of the miners lifted the FTSE 100 index 43.41 to 5273.96. Second-liners were also being squeezed higher, which was being reflected in the FTSE 250 index, up 70.19 at 9191.15.

Dealers said that with interest rates likely to remain low for the foreseeable future, investors had little choice where to invest their money. The stock market continued to offer the best returns.

The broking arm of RBS has wasted little time in giving results from J Sainsbury, up 8p at 3351/2p, the thumbs-up. It has repeated its buy rating on the shares after pointing out the numbers, showing pretax profits up 18% at [pounds sterling]307 million, were ahead of the City's [pounds sterling]301 million consensus and that the property revaluation had been positive. But the City gave the thumbs-down to the profits warning from publisher Reed Elsevier, down 191/2p at 465p, making it the biggest blue-chip casualty.

Morgan Stanley has raised its rating on Standard Life, up 71/2p at 2231/2p, from underweight to equalweight and jacked up its target from 211p to 260p. The broker continues to have an underweight rating on Prudential, 10p bet-ter at 6031/2p, but has moved its target from 553p to 645p.

African Diamonds stood out with a rise of 31/2p to 50p after reporting a rapid start to its Botswana mine. De Beer's stake in the AK6 Botswana diamond mine project has been acquired by Lucara. …

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