Banks and commodities keep FTSE above key level

The FTSE rose this morning (December 23rd) as traders and those learning how to trade saw renewed confidence in previously risky assets such as banks and commodity stocks.

In a truncated final session, with trade ending at 12:30 GMT, the blue chip FTSE index moved up 33.33 points to 5,490.30, reports Reuters.

The rally means that the index is now only suffering from a minor loss after a difficult two months.

Jimmy Yates, head of equities at CMC Markets, told the news provider the trade indicated some 'festive cheer' among investors.

"It's remarkable that the index has managed to nearly break-even given the concerns surrounding the global economy, but that's testament to stocks' valuations," added Mr Yates.

The market has responded positive to good news from the US. Bloomberg noted the Dow Jones industrial average growing upwards by 53 points to reach 12,077 as economic data proved better than expected and revitalised investment.

Posted by Clive Arneil