Stocks
FTSE 100 ends choppy week on a high note, Rightmove soars to all-time high
(GUARDIAN) - The FTSE 100 ended the week on a high note after rebounds for miners and rises for banks while among the midcaps property website Rightmove soared to an all-time high on record results.
The FTSE 100 finished up 76.3 points, or 1.5%, at 5354.5 after a volatile week which left it barely unchanged on the previous Friday. Results from support services group Serco propelled it to the top of the gainers board, up 6.1% to 553.5p, but figures from Lloyds Banking Group left it down 4.4% at 52.5p, the top FTSE faller.
The top spot among the midcaps went to property website Rightmove as its shares rose 37p, or 6.2%, to an all-time high of 635p. It cheered investors with record profits and predictions that estate agents will continue to increase their spending to market on the website as they jostle for business in a tight housing market.
Managing director Ed Williams said Rightmove continued to benefit from the changing advertiser and house hunter habits that have put pressure on local newspapers in recent years. Although last year saw around a fifth of estate agents close down and a big drop in the number of properties being marketed, overall 2009 beat Rightmove’s expectations.
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