Belfast Telegraph

Stock markets in huge rally on final day of trading

By Roger Baird

Global markets surged on the last full trading day before the Christmas break after being lifted by a powerful rally.

Strong overnight trading in Asia saw the FTSE 100 jump more than 2.6%, up 157.9 points to 6241, with a rise in the cost of oil offsetting disappointing UK growth figures.

Top flight stocks posted their biggest one-day gain since October 5.

Germany's DAX and the Cac 40 in France were also both up by more than 2%.

In New York, meanwhile, the Dow Jones Industrial Average was up by over 125 points in early trading.

Connor Campbell, a financial analyst at broker Spreadex, said: "Christmas came early for the global indices this afternoon, a strong US open securing a stellar set of Wednesday gains."

Oil stocks rose, with Brent Crude hovering at around $36.11 a barrel, arresting recent falls.

Shares in Royal Dutch Shell lifted 71.5p to 1564.5p, while BP jumped 15.5p to 360.4p.

However, oil prices are still below the $115 a barrel the commodity commanded in June 2014.

Positive movement for oil prices was enough to offset downward revisions on growth for the second and third quarters of the year from the Office for National Statistics (ONS).

The ONS revealed that growth was 0.4% in the three months to the end of September, down from the initial estimate of 0.5%.

However, the London market shrugged these downgrades off, as the UK economy is still on course to be one of the fastest growing developed economies this year.


The percentage by which London's FTSE 100 increased

Belfast Telegraph