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Share Price: 148.65
Bid: 149.00
Ask: 149.05
Change: 0.35 (0.24%)
Spread: 0.05 (0.034%)
Open: 149.55
High: 151.35
Low: 148.65
Prev. Close: 148.30
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UK's FTSE notches up fifth day of gains on firm financials

Wed, 10th Aug 2016 16:11

(ADVISORY- Follow European and UK stock markets in real time onthe Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)

* FTSE 100 closes up 0.2 pct, 5th day of gains

* Prudential shares gain after results

* Energy shares track weaker oil prices

* Move to buy shares before they go "ex-dividend" -traders

By Sudip Kar-Gupta

LONDON, Aug 10 (Reuters) - Britain's top equity index roseon Wednesday in its fifth straight day of gains as strongerfinancial stocks offset weaker energy shares which tracked apullback in oil prices.

The blue-chip FTSE 100 index rose 0.2 percent to6,866.42 points, near its highest level in 14 months.

Financial stocks added the most points to the UK stockmarket, as insurer Prudential Plc advanced 2.2 percent,helping lift rivals such as Legal & General and Admiral, with Admiral touching a record high.

Although Prudential reported lower first half profits, itsaid it was well placed to deliver both growth and cash.

MB Capital trader Rick Jones said the FTSE 100 had receiveda further fillip from traders moving in to buy up severalblue-chip stocks before investors lost the right to qualify fortheir latest dividend payouts..

"The FTSE's been helped by some last-minute buying of thosestocks for their dividends," said Jones. "We're bullish on themarket in the medium to long term, but in the short-term we're abit more bearish as we've had a good run over the last month."

Securequity sales trader Jawaid Afsar also forecast ashort-term market pullback.

Shares in BP and Royal Dutch Shell slippedon the back of weaker oil prices, after a global supply glutweighed on the energy market and analysts said that talks of apotential producer meeting to discuss propping up prices wasunlikely to have any impact on supplies.

The FTSE 100 fell around 6 percent in the immediateaftermath of Britain's shock "Brexit" vote in June to quit theEuropean Union, but it has since recovered.

The Bank of England's move last week to cut interest ratesto record lows has hit returns on bonds and cash, drivinginvestors to the better returns on offer from stocks.

The FTSE 100 is up around 10 percent so far in 2016,although the value of UK shares in U.S dollar terms has beenimpacted by a slump in sterling following Brexit. (Additional reporting by Atul Prakash; Editing by AlexanderSmith)

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