British FTSE index reaches one-year high, other European markets rise

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Monday, October 12, 2009

The British stock index FTSE 100 closed at its highest levels in over a year on Monday, following news of stronger commodity prices.

The share index increased by 48.3 points, or 0.9% to finish the day at a level of 5,210.17, a figure not seen since last September.

The best performer was the Old Mutual insurance company, reaching a sixteen-month high after gaining 4.6%.

Some economic analysts think that the FTSE index could continue to gain for the remainder of the week. David Jones, the chief market strategist at IG Index, said that "the next FTSE target traders are eyeing in the short term is the 5,350 high hit in September last year and the way sentiment is going it would not be a surprise to see that hit this week."

Other European markets also posted gains on Monday. The German DAX index gained 71.35 points to a level of 5,783.23, while the French CAC 40 increased 46.19 points to 3,845.8.