European equities and the euro currency rose Friday, some buoyed by soaring oil prices, as gold hit new highs and EU finance chiefs agreed the need for a multi-billion euro bailout for Portugal.
London's FTSE 100 index of leading shares gained 0.81 per cent to finish at 6,055.75 points.
In Paris, the CAC 40 put on 0.83 per cent to end at 4,061.91 points, and in Frankfurt the DAX gained 0.53 per cent at 7,217.02 points.
With the dollar falling, gold's safe-haven status grew stronger and the precious metal hit a new all-time high of $1,470 an ounce, with silver following with a 31-year high.
However Michael Hewson, market analyst at CMC Markets, said share price 'gains have been tempered to some extent as the oil price continues to push ever higher and there is a concern that if it continues to go higher it could start to act as a drag on equities.'
World oil prices jumped Friday to their highest levels in more than two years as the market was driven by simmering political tensions in the Arab world and concerns over elections in Nigeria.
Brent North Sea crude for delivery in May rose as high as $125.79 a barrel in London trading, up $2.66 from Thursday's close, before falling back slightly.
'Investors remain unconcerned with what is going on in the periphery of the eurozone — and the fact that the (European Central Bank) has taken the exceptionally bold move of raising rates at a time of crisis shows that even central bankers do not seem too worried about the knock-on effect of such a move,' said Simon Denham, head of financial spread-betting firm Capital Spreads.
Source: New Age
Posts
0 comments:
Post a Comment