UK stocks : FTSE hits 6,200

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Reuters: Jan 24 2013, 02:24 IST

Britain's FTSE 100 share index hit the 6,200 level for the first time since May 2008 on Wednesday after Unilever got the UK earnings season off to an encouraging start, sending its stock to a record high. Shares of the Anglo-Dutch consumer goods company rose 3.1 percent to top 2,500 pence for the first time ever on strong turnover after Unilever reported underlying sales growth of 6.9 percent for 2012. It beat forecasts for 6.5 percent growth, propelled by a double-digit sales expansion in emerging markets. The FTSE 100 saw a late surge that briefly took it above the psychologically significant 6,200 level. It closed up 18.47 points, or 0.3 percent, at 6,197.64 with Unilever accounting for 3.5 points of the index gain. The FTSE has now hit a fresh 4-1/2 year high in nine of the past 11 sessions. "As we are now holding above some key levels on the FTSE 100, namely 6,105 and 6,150, we see continual upside from the market from here," Atif Latif, director of trading at Guardian Stockbrokers, said. "Earnings have once again beaten expectations and forward looking estimates remain at elevated levels alongside better economic data. From experience, we do expect this uptrend to remain intact over the short term and break above some recent highs."

TULLOW LEADS LATE SURGE

Leading the late surge was Tullow Oil. It rose 3.5 percent, overtaking Unilever as the top index riser, as rumours circulated that drilling at a key well

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