LONDON May 10 Britain's top shares advanced on
Friday, extending its winning run into a seventh straight
sessions, led by telecoms group BT on robust results and
with some traders forecasting more market gains to come.
The FTSE 100 was up 14.29 points, or 0.2 percent, at
6,607.03 by 0706 GMT, having risen 0.1 percent on Thursday to
record its highest close since October 2007.
The UK benchmark has risen around 12 percent this year as
interest rate cuts and injections of liquidity by central banks
around the world have lifted equity markets in spite of a
stuttering global economy.
"I still think the fundamentals (aren't good enough) to
warrant the current stock prices, (but) the central bank
intervention has more than offset that," Nick Xanders, head of
European equity strategy at BTIG, said.
"At some point that will give and the fundamentals will
matter again, but it isn't today."
BT jumped 7.2 percent, rebounding from a 2.3 percent drop on
Thursday, as it raised its outlook after cost cuts and strong
consumer demand helped it to beat annual forecasts.
BofA Merrill Lynch, describing BT's results as "very
strong", upgraded its rating on the stock to "buy".
(Reporting by Tricia Wright; Editing by Toni Vorobyova)