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Reuters reports that the FTSE 100 climbed by 62.05 points to hit 6,026.52 earlier today (April 13th 2011). Shares in Lloyds Banking Group were up by one per cent after UBS recommended the company to investors.
"The [Independent Commission on Banking] report published earlier this week has contributed to underperformance in Lloyds shares," UBS stated. "Downside scenarios are now more than priced in."
Redmayne-Bentley investment manager David Battersby suggested the FTSE could break 7,000 points by the end of this year, but implied there could be a significant shift in market fundamentals as the recent gains in oil and gold come to an end.
The report came after Asian indices ended the day broadly higher, despite a downbeat economic assessment from the Japanese government and concerns over the crisis at the Fukushima I nuclear plant.
Posted by Chris Weaver
