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Smiths rises as Britain's FTSE extends rebound early on Empty Smiths rises as Britain's FTSE extends rebound early on

Post by Cals Thu 27 Jun 2013, 16:19

Smiths rises as Britain's FTSE extends rebound early on
Business & Markets 2013
Written by Reuters   
Thursday, 27 June 2013 15:26

LONDON (June 27): Britain's top shares rose in early deals on Thursday as the index extended a bounce off six-month lows with engineering company Smiths Group leading the gainers, boosted by a bullish note from UBS.
By 0710 GMT, the FTSE 100 was up 18.78 points or 0.3 percent at 6,184.26., extending the recovery from Monday's closing low around 6,030 after weak U.S. economic data and comments from central bankers helped assuage market concerns that the Federal Reserve will soon reduce its monetary stimulus.
The soothing words have seen the FTSE volatility index -- a crude gauge of investor fear -- fall from one-year highs hit on Monday.
"Last week's declines of around 5 percent (in the FTSE) make equity valuations even less demanding while U.S. economic data continues to provide support," Adam Seagrave, trader at Saxo Bank, Said.
"All of which has seen new longs enter the market and a feeling amongst many traders that all the major bourses can claw back more of the previous weeks' declines."
Top gainer was Smiths Group which rallied after UBS upgraded the stock to "buy" from "neutral", according to traders. - Reuters 
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