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UK Markets Continue Rising

THURSDAY MARKET UPDATE: The FTSE 100 has jumped by 2.5% in the first two trading sessions of 2013

Alanna Petroff 3 January, 2013 | 6:12PM

UK markets continued rising after a massive rally on Wednesday. The FTSE 100 and FTSE 250 indices pushed ahead by 0.3% on Thursday. The benchmark FTSE 100 index has surged by 2.5% over the last two trading days and it is now closed at 6,047. The mid-cap FTSE 250 index is up by 2.2% over the last two days and it is now closed at 12,651.

"The FTSE has held on to the important 6,000 mark, but profit-taking and a lack of momentum in the aftermath of yesterday’s surge has culminated in a tight consolidation range," said Brenda Kelly, market analyst at IG.

The main company leading the large-caps forward was retailer Next (NXT), which issued a better-than-expected fourth quarter trading statement. The retailer reported that fourth quarter sales were in line with its previous expectations, but cost cutting measures helped boost overall profitability. Shares in Next surged by 2.7% during the trading day.

This report from Next comes a day after John Lewis announced a jump in December sales.

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Securities Mentioned in Article
Security NamePriceChange (%)Morningstar
Rating
Next PLC6,395.00 GBX-0.70-
About Author Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.