The FTSE 100 posted a record high closing level last night for the 11th session in a row after managing to eke out a small gain following some early weakness. Superstitious traders may be fretting a little going into the weekend with today being Friday the 13th, but those of a rational disposition will see little to suggest that this incredible run will end anytime soon. The leading benchmark in London is higher by 32 points at the time of writing, while the pound - rather unusually this week - is also rising across the board.
Housebuilders lead stocks higher
Barratt Developments (LON:BDEV) and Taylor WImpey are higher by 3.5% and 2.0% respectively this morning, with shares in housebuilders rising strongly from the final open of the week. Barratt’s stock is rising despite announcing that it built fewer homes in the second half of last year after a slowdown in the London market, with completions falling nearly 6% despite a nine-year high outside the capital. This could well just be an example of overly pessimistic expectations putting a favourable tint on what is overall a fairly negative development. Elsewhere Miners are continuing their latest ascent with Anglo American (LON:AAL), Glencore (LON:GLEN) and BHP Billiton (LON:BLT) all in the green once more.
Gold stocks begin to fade?
Following recent gains, Fresnillo (LON:FRES) is trading a little softer this morning with the stock lower by more than 2% and residing at the bottom of the blue-chip index. Futures contracts on Gold bullion broke back above the $1200/oz level yesterday but they lost their shine late in the day and ended up closing below this level, which is a major development not only from a psychological perspective but also from a technical standpoint. Also in negative territory this morning is Rolls Royce (LON:RR) and BAE Systems (LON:BAES) as shares in the Aerospace & Defence sector are under some selling pressure. Associated British Foods (LON:ABF) has continued below Thursday’s low today as the fallout from a disappointing set of earnings continues to weigh on price. The retailer’s share price is now lower by over 4% on the week and is not enjoying the best start to the new year.