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FTSE recovers poise, Wood Group strong riser
March 5, 2013 / 8:11 AM / 5 years ago

FTSE recovers poise, Wood Group strong riser

LONDON, March 5 (Reuters) - Britain’s top shares rose on Tuesday, recouping the previous session’s losses as investors digested a wedge of corporate earnings newsflow, with John Wood Group among the top gainers after its full-year results.

The UK blue chip index was up 40.94 points, or 0.7 percent, at 6,386.57 by 0808 GMT, having dropped 0.5 percent on Monday, with fresh assurances of accommodative monetary policy from the Federal Reserve lifting sentiment.

“Central banks are protecting the downside for now but the question is for how long,” said Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million assets.

He did, however, say he was not keen on buying the dips, for now.

Janet Yellen, the Federal Reserve’s influential vice chairwoman, helped buoy Wall Street on Monday when she said the U.S. central bank’s aggressive monetary stimulus is warranted.

John Wood Group advanced 3.8 percent after the energy services firm unveiled posted a 35 percent jump in profits.

Reporting by Tricia Wright

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