FTSE 100 Extends Its Run Above 6,000 to 32 Days
LONDON -- Today the FTSE 100 is trading around 6,320 to register its longest run above the 6,000 mark for more than five years.
Since the start of the year, when the 6,000 level was breached after American politicians agreed on a last-minute deal to avoid the so-called "fiscal cliff," the blue-chip index has stayed above 6,000 for 32 consecutive trading days.
The market's previous best run above 6,000 occurred in the first half of 2008, when the index maintained a 31-day stint above 6,000.
The FTSE's sustained progress beyond 6,000 extends a rally that began during mid-November. The index finished Nov. 16 at 5,606 and by yesterday had surged 13% -- or 754 points -- within 13 weeks.
Leading the FTSE charge during the last three months are shares such as ARM Holdings, Barclays, ITV, Royal Bank of Scotland, and Schroders. Indeed, no fewer than 60 names within the FTSE 100 are currently trading within 5% of their 52-week highs, including blue-chip favorites Reckitt Benckiser, HSBC, and Tesco. What's more, just two names -- Imperial Tobacco and Aggreko -- are trading within 5% of their 52-week lows.
Clearly, the FTSE 100's rising tide has lifted most boats, and bottom-fishers have now been left with few opportunities. Meanwhile, momentum speculators are finally enjoying a few good months in the sun.
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