FTSE above 5,100 for first time in 12 months

 

The FTSE 100 index breached the 5,100 level for the first time in 12 months in morning trade on Wednesday as hopes that the global recession is over boosted heavyweight commodity issues and banks.

At 9:49 a.m., the FTSE 100 index was 57.02 points, or 1.1 percent higher at 5,099.15, just easing back below the new 2009 peak of 5,103.44 having moved above the 5,100 level for the first time since Sept 26, 2008.

UK equities followed U.S. and Asian stocks higher after the Federal Reserve chief Ben Bernanke said on Tuesday the recession was likely over, but the recovery would be slow and it would take time to create jobs.

The blue chip index made its push above the 5,100 level after the release of an in-line UK umempolyment report.

The number of Britons claiming jobless benefit rose by 24,400 in August, broadly as expected, and the rate of unemployment on the wider ILO measure rose to 7.9 percent, its highest since 1996, but also as forecast.