FTSE 100 rises to month high as Tesco shares make gains
London’s top index moved 0.24%, or 18.54 points, higher to finish at 7,843.38.
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Your support makes all the difference.The FTSE 100 gained ground on Thursday to close at its highest level for a month.
Tesco helped guide the index higher after the supermarket’s shareholders positively received news that revenues and profits were set to finish at the top end of guidance.
London’s top index moved 0.24%, or 18.54 points, higher to finish at 7,843.38.
Elsewhere in Europe, the French Cac 40 reached a new record high on the back of strong first quarter sale numbers from luxury consumer giant LVMH.
The Dax rose by 0.14% and the Cac 40 increased by 1.19% at the close.
Stateside, US markets made modest improvements on the opening bell after producer price inflation data showed a drop in March.
Meanwhile, sterling was higher for the session, moving to its highest against the dollar since last June despite the UK economy flatlining in February.
The pound was up 0.37% to 1.252 US dollars but fell by 0.25% to 1.132 euros at market close in London.
In company news, Tesco was among the FTSE 100’s stronger performers after it made £1 billion profit despite soaring food prices over the year to February.
It was less than half its profits from the previous year but towards the top end of previous guidance amid heavy cost pressure.
AJ Bell investment director Russ Mould said: “Tesco seems to be making the calculation that it can absorb some pain now to maintain and even improve its market share, particularly from the German discounters Aldi and Lidl, and emerge in a stronger position once the economic outlook starts to pick up.”
The retailer saw shares improve by 1.6p to 269p.
Soap manufacturer PZ Cussons finished in the green after it reported a rise in revenue following rice increases, despite revealing that sales were impacted by the botched recent banknote rollout in Nigeria.
The soap business reported a 6.2% hike in third-quarter revenue “driven primarily by price/mix improvements” on Thursday as it saw improvements in Europe and the Americas.
The St Tropez manufacturer saw shares increase by 7p to 194.2p.
Network International shares shot higher after the London-listed payment firm confirmed it received a proposal from private equity firms CVC Capital Partners and Francisco Partners about a possible takeover.
The company said talks between it and the consortium are ongoing. Shares were up 56.4p at 300p at the close of play as a result.
Burberry shares finished 63p higher at 2,561p as it received a lift from Louis Vuitton parent LVMH’s positive trading update.
The price of oil slipped back after two days of strong gains, with prices facing resistance after recent highs.
Brent crude oil decreased by 0.54% to 86.86 US dollars per barrel when the London markets closed.
The biggest risers in the FTSE 100 were Antofagasta, up 41.5p at 1,622p, Burberry, up 63p at 2,561p, Barratt Developments, up 11.1p at 478.2p, Rightmove, up 12.6p at 569.8p, and Auto Trader, up 12.4p at 615p.
The biggest fallers of the session were Permission, down 44p at 1,232.5p, Unite group, down 29p at 947.5p, Lloyds, down 1.38p at 48.51p, Smurfit Kappa, down 76p at 2,944p, and Hargreaves Lansdown, down 16.4p at 789.6p.