FTSE ends 1.8 pct higher; oils, financials lead

Mon Jul 13, 2009 5:51pm BST
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* Energy stocks gain, shrug off weaker crude price

* Insurers up on expectations of sector consolidation

* Banks rise, boosted by gains from U.S. financials

By Tricia Wright

LONDON, July 13 (Reuters) - London's top share index closed 1.8 percent higher on Monday, boosted by stronger energy and mining stocks, while financial shares also provided support to the market which had fallen in five of last eight sessions.

The FTSE 100 .FTSE ended 74.96 points higher at 4,202.13, after falling 0.8 percent on Friday to its lowest close since April 28. It still risen 21 percent since touching a six-year low in March, but is down 5.2 percent for the year.

Trading was lacklustre, with volumes reaching just 67 percent of the average of the last 90 trading days.

"We still think (the FTSE 100) is in a fairly tight trading range between about 4,000 and 4,400 and there's been nothing really to suggest that there's going to be a sustainable break through that upper resistance level," said Tim Whitehead at brokerage Redmayne-Bentley.  Continued...

 
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