Reuters: Hot Stocks: UK's FTSE 100 rises after ECB rate cut

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UK's FTSE 100 rises after ECB rate cut Nov 7th 2013, 13:12 Share this Email Print Reprints LONDON | Thu Nov 7, 2013 8:12am EST LONDON Nov 7 (Reuters) - Britain's benchmark equity index rose on Thursday to erase losses made earlier in the session after the European Central Bank surprised many investors with a rate cut. The ECB cut its refinancing rate to a new record low of 0.25 percent, driving up European equity markets. The blue-chip FTSE 100 index, which had been slightly lower ahead of the ECB's decision, rose and was up by 0.5 percent, or 30.38 points, at 6,772.07 points in early afternoon trading. "It was a little bit of a surprise - there had been expectations that the announcement would be a damp squib - and a continuation of cheap money is going to be good for stocks, as monetary tightening gets pushed further out," said Zeg Choudhry, head of equities trading at Northland Capital. "We need a bit more time for the recovery to be confirmed," he added. Randgold Resources was the best-performing FTSE 100 stock, rising 8 percent after the miner said its plans to boost production and cut costs was on track. The FTSE's rise pushed the index back towards a five-month high of 6,819.86 points reached in late October. The FTSE 100 remains up by around 15 percent since the start of 2013. (Reporting by Sudip Kar-Gupta; Editing by Catherine Evans) Link this Share this Digg this Email Reprints

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