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Wednesday 06th of May 2009
December 15, 2006

FTSE 250 finds new closing high


by Elaine Frei

The FTSE 100 closed at its highest level in nearly six years on Friday, ending at 6,260, a gain of 0.5 percent on the day and 1.7 percent higher than it began the week. The FTSE 250 added 0.3 percent on the day to close at a record high of 11,086, a gain of 1.1 percent on the week.

Defense aerospace company BAE Systems saw a gain of 6.9 percent to 424½p after the Serious Fraud Office ended an investigation into Al Yamamah arms deals with Saudi Arabia. The probe, which lasted for two years, was responsible for a delay in the signing of a Saudi order for Eurofighters.

Prudential was 2.1 percent higher to 710½p after rumors that it will free up nearly £10 billion in its orphan estate that is no longer needed to meet obligations and return some of that money to shareholders.

In the telecommunications sector BT Group added 3.3 percent to 315p, its highest share price since September 2001.

British Land gained 2 percent, to £16.62 on talk that an overseas billionaire is looking to buy.

Reckitt Benckiser was 1.6 percent higher to £24.11 after UBS upgraded the household goods group to “buy”, citing growth potential in 2007.

Among losers on the day, Cairn Energy dropped 1.6 percent to £19.14 on rumors that the IPO of Cairn India was not as successful as had been hoped and that shares would be priced at the low end of the stated range.

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