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Friday, June 5, 1998 Published at 18:03 GMT 19:03 UK
Business: The Markets
London market analysis
![[ image: ]](/olmedia/105000/images/_105129_ukan150.gif) |
Friday, June 5
Phil Collins of HSBC James Capel
Yesterday's fall was more than rectified today, as FTSE climbed 86.5 to end up at 5947, seemingly set to scale the 6,000 mark once more. Time was when increasing rates would have resulted in jitters in the market lasting more than a few hours, but no longer.
The big sectors came bounding back today. Pharmaceuticals got second place as consolidation continues in an increasingly global industry. Zeneca was up 4.5% and SmithKline Beecham, 3%. Shell's 2% rise took the oil sector up to third place on the day.
But the best of the lot was the domestic insurance sector. Royal-Sun Alliance was up 5% as sentiment went decisively in favour of financial stocks. By contrast the exporters have suffered. GKN and its 3% fall led the engineering vehicles downwards, where there were accompanied by chemicals, diversified industrials and engineers.
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