May 10, 2013 / 7:11 AM / 4 years ago

FTSE extends winning run into 7th session, BT rallies

LONDON, May 10 (Reuters) - 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)

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