By: Dr. Mike Campbell
All of the major markets managed to close higher last week and, with the exception of the Nikkei, have recovered the losses made in the wake of the Japanese earthquake and tsunami. In Europe over the course of the week, the FTSE made 1.9%, closing at 6009.9; the Dax gained 3.4% to close at 7179.81; the CAC put on 2.1% to end the session at 4054.76.
The Dow ended the week stronger to the tune of 1.3%, finishing the trading session at 12376.7 The Nasdaq ended the week higher by 1.7% to close at 2789.6.
The Nikkei restored a further 1.9% of its value to end the trading session at 9718.9.
Currency Markets Review
On the currency markets last week, the Euro had the best of the trading. The Dollar was stronger against Sterling, making 0.24% and closing at 1.6042 to the Pound. The Greenback lost ground against the Euro last week, shedding 0.18% to close at 1.4141. The Dollar was substantially stronger against the Japanese currency, closing at 83.8413 to the Yen, a gain of 3.3%.
The Euro closed higher against the Yen ending at 118.56, making 3.5% over the course of the week. The Euro strengthened against Sterling over the course of the week by 0.42%. The close saw one £ buying 1.1344.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher due to continuing volatility in the markets caused by the situation in Libya, closing at $118.7 per barrel (for May delivery); a gain of 2.7% over the course of the week’s trading. The value of gold slipped last week, closing at 1418 per ounce; representing a loss of 1.3% over last week’s value.