‘Wall of buyers’ pushes FTSE higher

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The FTSE 100 jumped to its highest level since 2007 yesterday as investors interpreted Wednesday’s pause as an opportunity to buy into the rally.

Britain’s top share index added 47.9 points or 0.7 per cent to reach 6,529.4.

Angus Campbell, head of market analysis at Capital Spreads, said: “Equity investors continue to make hay whilst the sun is shining and despite the thin volumes there seems little that can halt the rally. Any retracement is met by a wall of buyers.”

Temporary power provider Aggreko topped the risers’ board, surging almost 7 per cent to 1,965p after striking a deal to supply electricity in Mozambique and Namibia.

But mining stocks underperformed after China indicated it stood ready to tackle inflation, a measure likely to be achieved at the expense of growth. Fresnillo and Rio Tinto were down almost 2 per cent each at 1,457 and 3,311p respectively.

Cash-and-carry chain Booker received a boost after its takeover of struggling UK rival Makro was provisionally cleared by the competition watchdog. It added 9p at 125p.

Among the smaller companies, shares in Aberdeen-based Itaca Energy showed little reaction after investor JEC Capital Partners renounced its demands for new board members and indicated it would not oppose the planned takeover of Valiant. Shares dipped 2p at 118.3p.

But Perth-based investment manager Braveheart plunged almost 20 per cent to 10.5p on the back of a few small trades.

A further slump for Stirling-based insulation maker Superglass was also unexplained. The firm, which disappointed investors earlier this month by saying it could not meet its debt repayment schedule, was down by more than a fifth at 4.1p.

NEW YORK: The Dow Jones industrial average extended its winning streak to ten days and once again closed at a record high last night as investors were encouraged by data onthe US labour market’s recovery.

The Dow Jones industrial average shot up 83.86 points, or 0.58 per cent, to end at 14,539.14 while the Standard & Poor’s 500 Index gained 8.71 points, or 0.56 pecent, to finish at 1,563.23. The Nasdaq Composite Index advanced 13.81 points, or 0.43 per cent, to close at 3,258.93.