Financial stocks gain as Britain's FTSE trades flat
LONDON, March 26
LONDON, March 26 (Reuters) - Britain's benchmark share index was flat on Tuesday, marking a slight recovery from losses in the previous session caused by worries over Cyprus' bailout deal, with financial stocks among the top gainers.
The blue-chip FTSE 100 was broadly flat at 6,379.06 points by 0810 GMT, having fallen 0.2 percent on Monday.
Fund management group Schroders topped the FTSE's leaderboard, adding to gains in the previous session as investors welcomed its acquisition of Cazenove Capital and the stock was also boosted by a price target upgrade by Exane BNP Paribas.
Central Markets chief strategist Richard Perry said that while concerns remained over the effects of the stern Cyprus deal - which has seen Cyprus agree to shut its second-biggest bank and inflict heavy losses on big depositors - the longer-term outlook for the FTSE remained positive.
The FTSE is up nearly 10 percent since the start of 2013, and Perry said he would keep a long-term bullish view on the index provided that any pull-backs caused by the Cyprus situation did not push the index below last month's lows of around 6,210 points.
"Technically, it's still holding onto a positive outlook," said Perry. (Reporting by Sudip Kar-Gupta)
- Vice-principal of South Korea school in ferry disaster commits suicide |
- After Nevada ranch stand-off, emboldened militias ask: where next?
- New Russia sanctions threats as Ukraine stalemate goes on |
- Florida man charged with murdering son so he could play video games
- All 338 Korean students, teachers rescued from sinking ferry - school official