* FTSE 100 on track for highest close since late May
* FTSE 100 up 0.8 percent in late session trading
* GlaxoSmithKline rises as SocGen tips stock
* Burberry rises after strong Christmas sales
By Sudip Kar-Gupta
LONDON, Jan 15 Britain's top equity index rose
on Wednesday to put it on track for its highest closing level in
eight months, as the World Bank's upward revision of global
growth forecasts buoyed the market.
The blue-chip FTSE 100 index was up by 0.8 percent,
or 51.20 points, at 6,818.06 - setting it up to reach its
highest closing level since late May last year.
"The general outlook today has been fairly positive, helped
by the World Bank upgrade," said Hantec Markets analyst Richard
A 1.8 percent rise at heavyweight healthcare group
GlaxoSmithKline gave one of the biggest lifts to the
FTSE, after Glaxo was added to SocGen's "premium list" of
Luxury goods group Burberry also featured on the
FTSE's leaderboard with a 4.8 percent rise after reporting
higher revenues over the Christmas period.
The FTSE 100 rose 14.4 percent in 2013 to post its best
annual gain since 2009.
The UK stock market has been buoyed by a gradual recovery in
the British economy.
Further signs that world trade is picking up in the wake of
the 2008 financial crisis came after the World Bank raised its
forecast for global growth for the first time in three years.
Adrian Slack, technical strategist at APS Alpha, felt the
FTSE 100 could push on to hit the 6,900 point mark - with a
record level of 7,000 points within sight.
However, he added he would not want to buy equities at
current levels as he still felt there was a risk the market may
slip back in the first quarter if corporate results failed to
meet market expectations.
"I would not want to be chasing it here," he said.