UK's FTSE roused by rally in Reed Elsevier
* FTSE 100 closes up 0.3 pct at 6,821.46 points
* Kingfisher slumps after reporting slowdown in trading
* Reed Elsevier rises after forecast-beating results
* Buy FTSE on the dip - Securequity sales trader
LONDON, July 24 (Reuters) - Britain's main equity index pushed forward on Thursday, as gains at media company Reed Elsevier helped offset a slump in home improvements retailer Kingfisher.
The FTSE 100 closed up 0.3 percent, or 23.31 points, at 6,821.46 points.
Reed Elsevier climbed 4.4 percent after reporting first-half earnings that beat market expectations.
However, Kingfisher slumped 8.2 percent after it suffered a sharp slowdown in trading in June.
Weak corporate results have helped push down the FTSE over the past month, with the index still down about 1.1 percent from its May peak of 6,894.88 points, its highest level since December 1999.
However, Securequity sales trader Jawaid Afsar backed using days when the market fell to add to equity positions, as he felt the FTSE should hit a record level of 7,000 points later this year, helped by Britain's strengthening economy.
"Even with thin volumes, the market has been well supported down at the lower levels. The probability of a breakout to the upside is growing," said Afsar.
Hantec Markets analyst Richard Perry also said the outlook for the FTSE was starting to become slightly more positive.
Kyri Kangellaris, managing director at Strand Capital, said clients with more short-term positions should look to sell out of the FTSE at the 6,850 point level for a profit, but buy back into it if the FTSE fell down to the 6,750 point level. (Additional reporting by Alistair Smout; Editing by Robin Pomeroy)
- China anxiety knocks shares, oil
- NATO countries have begun arms deliveries to Ukraine: defense minister |
- Alibaba worried about Facebook IPO as considered Nasdaq versus NYSE
- North Korea sentences U.S. citizen Matthew Miller to six years hard labor |
- U.S. sees Middle East help fighting IS, Britain cautious after beheading