Reuters: Hot Stocks: Britain's FTSE extends recovery from lows

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Britain's FTSE extends recovery from lows Jun 26th 2013, 07:02 LONDON, June 26 | Wed Jun 26, 2013 3:02am EDT LONDON, June 26 (Reuters) - Britain's top share index rose on Wednesday, building on a rally seen in the previous session, as solid U.S. economic data reassured investors concerned about the prospect of diminished stimulus from the Federal Reserve. The FTSE 100 was up 6.14 points, or 0.1 percent, at 6,108.05 by 0700 GMT, having risen 1.2 percent in the previous session. The index had fallen some 12 percent over the last month after hitting a 13-year high of 6,875.62 points in late May. Data on Tuesday showed strong gains in U.S. business spending plans and the largest annual rise in house prices in seven years, supporting the Fed's recovery view. "A bit of stabilisation... I think investors are still trying to make up their minds whether good economic data is good for stock markets given it brings the prospect of tapering that much closer," said Michael Hewson, analyst at CMC Markets. "I think at the moment we're going to maintain the level of volatility that we've seen thus far while cash moves around and gets reallocated," he said. (Reporting by Tricia Wright; Editing by Alistair Smout) Link this Share this Digg this Email Reprints

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