Reuters: Hot Stocks: FTSE hits fresh five-year highs, banks lead

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FTSE hits fresh five-year highs, banks lead Mar 8th 2013, 08:12 LONDON, March 8 | Fri Mar 8, 2013 3:12am EST LONDON, March 8 (Reuters) - Britain's top shares advanced on Friday in the run-up to the U.S. February jobs report, as investors looked for more signs that the recovery in the world's largest economy is built on a firm foundation. The FTSE 100 was up 31.51 points, or 0.5 percent, at 6,470.67 points by 0810 GMT, hitting fresh five-year highs, with the index bolstered by firmer banking stocks. Atif Latif, director of trading at Guardian Stockbrokers, said many investors, heartened by data earlier in the week showing U.S. private employers hired more workers than expected in February, are sitting on 'long' positions to bet on more gains. "We may see some profit-taking closer to the (jobs data) but we think that the uptrend on the FTSE with a good number will remain intact," said Latif, who did not anticipate a strong reaction after the data, but ultimately targeted 6,550. (Reporting by Tricia Wright; Editing by Sudip Kar-Gupta)

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