World stocks hit fresh 11-month highs
Friday, 11 September 2009
LONDON, Sept 10 (Reuters): Benchmark world stocks hit a fresh 11-month high Thursday while emerging stocks extended gains to a new one-year peak, levels last seen before the collapse of Lehman Brothers.
The MSCI world equity index rose 0.4 per cent to 282.58, its highest since early October, bringing gains this year to 24 per cent.
The MSCI emerging stock index rose more than 1 per cent to 889.89, its highest since early September 2008. The index has risen more than 56 per cent since January.
Meanwhile: European equities gained for a fifth straight session and hit a new 11-month peak on Thursday, led by technology and media stocks, with investors awaiting the Bank of England's decision on interest rates later in the day.
At 0822 GMT the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.4 per cent at 991.49 points after hitting 993.85, the highest since October last year.
The index, which slumped 45 per cent in 2008, is up 19 per cent this year and has jumped 54 per cent since falling to a record low in March.
Technology shares were the top gainers, with ASML (ASML.AS) leading the advance. The world's top maker of semiconductor lithography machines, jumped 7.5 per cent after it increased its sales outlook, thanks to improving operations in some chip markets.
Nokia (NOK1V.HE), Alcatel-Lucent (ALUA.PA), Infineon (IFXGn.DE) and Logitech (LOGN.VX) and ARM Holdings (ARM.L) were up 0.9-2.9 per cent.
"The markets go from strength to strength. As we reach highs the herd mentality of investors may well see the markets move further north," said John Murphy, analyst at ODL Securities.
"However, one needs to recognise that markets never move in straight lines and we are approaching October, historically the month for crashes," he added.
Media shares were also in demand, with ITV (ITV.L), SES (SESFd.PA), Daily Mail and General Trust (DMGOa.L), BSkyB (BSY.L) and WPP (WPP.L) rising 2 to 5.9 per cent.
Financial shares were broadly higher. Barclays (BARC.L), Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L), Societe Generale (SOGN.PA) and Commerzbank (CBKG.DE) rose between 0.3 and 6.2 per cent.
The MSCI world equity index rose 0.4 per cent to 282.58, its highest since early October, bringing gains this year to 24 per cent.
The MSCI emerging stock index rose more than 1 per cent to 889.89, its highest since early September 2008. The index has risen more than 56 per cent since January.
Meanwhile: European equities gained for a fifth straight session and hit a new 11-month peak on Thursday, led by technology and media stocks, with investors awaiting the Bank of England's decision on interest rates later in the day.
At 0822 GMT the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.4 per cent at 991.49 points after hitting 993.85, the highest since October last year.
The index, which slumped 45 per cent in 2008, is up 19 per cent this year and has jumped 54 per cent since falling to a record low in March.
Technology shares were the top gainers, with ASML (ASML.AS) leading the advance. The world's top maker of semiconductor lithography machines, jumped 7.5 per cent after it increased its sales outlook, thanks to improving operations in some chip markets.
Nokia (NOK1V.HE), Alcatel-Lucent (ALUA.PA), Infineon (IFXGn.DE) and Logitech (LOGN.VX) and ARM Holdings (ARM.L) were up 0.9-2.9 per cent.
"The markets go from strength to strength. As we reach highs the herd mentality of investors may well see the markets move further north," said John Murphy, analyst at ODL Securities.
"However, one needs to recognise that markets never move in straight lines and we are approaching October, historically the month for crashes," he added.
Media shares were also in demand, with ITV (ITV.L), SES (SESFd.PA), Daily Mail and General Trust (DMGOa.L), BSkyB (BSY.L) and WPP (WPP.L) rising 2 to 5.9 per cent.
Financial shares were broadly higher. Barclays (BARC.L), Lloyds (LLOY.L), Royal Bank of Scotland (RBS.L), Societe Generale (SOGN.PA) and Commerzbank (CBKG.DE) rose between 0.3 and 6.2 per cent.