LIVE MARKETS-Footsie tops 9000: "It's party time"

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FOOTSIE TOPS 9000: "IT'S PARTY TIME"

The FTSE 100 .FTSE has surged past the 9,000-point barrier for the first time ever, crowning a strong year-to-date run for UK stocks with a significant milestone.

"It's party time," says AJ Bell investment analyst Dan Coatsworth, noting that the index took just two years to climb from 8,000 to current levels, compared to the eight years it took to get from 7,000 to 8,000.

According to Coatsworth, the rally underscores a shift in sentiment towards UK stocks, which have long been seen as an unloved corner of global stock markets.

"Outperforming the main US indices since January is a major achievement," he writes, adding that the milestone could help attract more overseas investors, just as the UK rolls out reforms to boost listings and simplify capital raising.

The top five FTSE gainers year-to-date are Fresnillo (+145%), Babcock (+115%), Rolls-Royce (+75%), Airtel Africa (+65%), and BAE Systems (+64%). The country's most valuable company, drugmaker AstraZeneca, is up just 2%.

"While the UK market lacks the kind of technology opportunities found in the US, it excels in other areas and investors are spoiled for choice in sectors such as financials, natural resources, healthcare and industrials," says Coatsworth.

(Danilo Masoni)

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