MoH: 25 people affected by Riyadh food poisoning discharged from hospital    Saudi Arabia and Mauritania sign MoU for energy cooperation    WEF Special Meeting ends in Riyadh with calls for global peace and prosperity    Tensions grow as China ramps up global mining for green tech    Indian MP's 'sex abuse' tapes spark outrage    Passengers stranded as Australian airline enters administration    US says Israeli army units violated human rights    Columbia students defy deadline to disband pro-Palestinian encampment    Crown Prince discusses Gaza situation with a number of world leaders    Prince Salman bin Sultan inaugurates Madinah Cultures and Peoples festival    Saudi minister underscores global cooperation in health at WEF Special Meeting    Saudi Electricity Company gains regulatory approval for increased weighted average cost of capital    SFDA: Breast-milk substitute products are sugar-free complying with Saudi specifications    Al Shabab overpowers Al Ittihad with a 3-1 victory in Jeddah    Saudi Olympic team exits U-23 Cup in quarterfinals, loses Paris 2024 Olympics dream    Al Hilal triumphs over Al Fateh in a fierce 3-1 clash at Kingdom Arena    'Zarqa Al Yamama': Riyadh premieres first Saudi opera    Riyadh Season announces first overseas event with boxing gala in Los Angeles    Australian police launch manhunt for Home and Away star Orpheus Pledger    Spice Girls reunite at Posh's 50th birthday    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Miners, banks extend rally to push FTSE higher
Published in Saudi Press Agency on 09 - 07 - 2010

Britain's top shares climbed higher by midday on Friday, with gains in miners and banks outpacing falls in defensive stocks and BP, though the index's recent rally showed signs of running out of steam, according to Reuters.
By 1105 GMT, the FTSE 100 index was up 13.91 points, or 0.3 percent, at 5,119.36, having closed higher for a third consecutive day on Thursday, up 1.8 percent.
However, by midday, the index had traded just over 20 percent of its 90-day average volume as investors chose to sit on the sidelines ahead of the second-quarter reporting season from the U.S., which kicks off next week with Alcoa.
"Next week should be a interesting week for the market," said Jimmy Yates, head of equities at CMC Markets.
"When those earnings start coming in we'll get a clearer sense of direction and whether clients feel that we can push on from here."
Miners provided much of the upside on the FTSE 100, tracking firmer base metal prices.
The demand outlook for raw materials improved after Thursday's data showed a fall in new weekly U.S. claims for unemployment benefits, offering cautious hope for the economic recovery that had been showing signs of fatigue.
Antofagasta was the top performer, up 3.3 percent, helped by a Citigroup upgrade to "buy" from "hold".
However, gold miner Randgold Resources and mid-cap peer Hochschild Mining bucked the sector trend, falling 1.0 and 3.6 percent, both hit by downgrades from Goldman Sachs.
After dipping back on Monday, the FTSE 100 index has powered ahead in the other three sessions this week, putting on nearly 270 points, or 5.5 percent, since Friday's close.
However, the blue-chip index is still recovering from an almost 10 percent fall between June 21 and July 1, when signs of slowing global growth dented sentiment.
BANKS EBB AND FLOW
In choppy trade, Banks were big gainers on the FTSE 100, adding to solid gains already made over the past three days as investors focused on recent upbeat news on the sector.
Part-nationalised lender Lloyds Banking Group was 1.5 percent higher, continuing to respond well to Thursday reports that two senior banking figures have joined forces to back a new bid vehicle which will list on the London stock market and look to purchase British banking assets.
Peers HSBC and Standard Chartered rose 0.8 and 0.7 percent respectively.
Other financials also featured on the upside, with Legal and General up 3.2 percent and Prudential 3.0 percent higher.
Stocks seen as defensive were among the blue-chip fallers as investors' risk appetite partly remained, with pharma issues the worst off, led by GlaxoSmithKline down 1.4 percent.
National Grid was the biggest FTSE 100 decliner, down 1.9 percent, hit further by Thursday's downgrade by Citigroup.
BP was a heavy weight on the index, down 0.8 percent as traders booked profits following a 21 percent rise since June 29.
The stock, however, remains down over 44 percent since its major oil spill began in the Gulf of Mexico in late April.
British factory gate inflation slowed more than expected to a three-month low in June but Britain's trade gap for goods and services unexpectedly hit its widest since July 2008, official data showed on Friday.
Helping temper gains in London, U.S. stock index futures pointed to a mixed open on Wall Street ahead of May U.S. wholesale inventories, which will be the only data of interest released on Friday.


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