For the 2nd straight day, the UK stocks have gone ahead as the benchmark stock gauge FTSE 100 Index closed at its highest level since September, 2000. The FTSE 100 Index increased by 32.57 points and the same is currently at 6,755.63, at time of close. On last week, the gauge experienced a surge of 1.5% and in 2013; the gauge has till date, advanced by 15%. The gauge has been hugely boosted by the Central Bank stimulus. On the other hand, the broader FTSE All Share Index experienced a gain of 0.4% on today, marking its advance for the 13th straight day. This is the longest streak for the gauge since 1987. Apart from that, the benchmark stock gauge of Ireland, ISEQ Index jumped ahead by 1.5%, marking its highest level since September, 2008.
According to the Chief Investment Officer of Baring Asset Management, Marino Valensise, the rally is result of low conviction and a 2nd phase in the rally should be expected. Valensise added that UK is indeed a global market and it exposes the portfolio to the global emerging markets at a cheap price. This is done through a London listing, thereby making things comfortable for most of the investors.
The asking prices for the UK home sellers increased for the 5th straight month in this month, pushing the values to a record high. It was responsible for giving the market the best start in a year in last 9 years. The prices sought gained around 2.1% to an average of 249,841 Pounds, as reported by the property website operator Rightmove.
Among lenders, the Royal Bank of Scotland experienced a gain of 4.5% as Numis Securities Ltd. advised the investors to buy shares of the same. Each share of Royal Bank of Scotland costs 351.9 Pence now, marking its highest value in the last 3 months. Apart from that, analyst Michael Trippitt stated that the commercial banking and retail franchise of the lender’s US business is pretty much undervalued.
EasyJet saw its shares going ahead by 4% as the same has each of its shares priced at 1,235 Pence now. EasyJet shares have advanced by 61% in 2013. The largest discount airline in Europe, Ryanair saw its shares jumping to a record value after reporting that the full year profit of the same has increased by 13%.