FTSE closes up as oil and mining firms remain strong due to Ukraine war
The FTSE 100 closed the day up 15.97 points, or 0.21%, at 7483.35
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Your support makes all the difference.Traders remained cautiously optimistic as the week ended, despite warnings from US banks that interest rates Stateside could rise every month until September.
In London, the FTSE 100 closed the day up 15.97 points, or 0.21%, at 7483.35, continuing a recent rebound driven by gas and mining firms enjoying rising prices as a result of the war in Ukraine.
The latest UK retail sales figures showed a decline in February, which dragged some high street names down, but, it was not enough to put the leading index in the red.
Michael Hewson, chief market analyst at CMC Markets UK, said: “The rise in oil prices continues to benefit the likes of BP and Shell this week, while expectations of rising interest rates are helping to boost the banks.
“On the flip side of that, as concerns about the cost-of-living increase, retailers and house builders have been feeling the pressure and sliding back.”
He added: “Today’s disappointing UK retail sales numbers for February and a slide in consumer confidence in March have served to reinforce the weak economic backdrop and point to a decline in the ability of the UK consumer to match the spending patterns that we saw last year.”
Oil prices remain high and a barrel of Brent Crude was worth 120 dollars – up 0.87% on the day as markets closed.
The pounds was flat against the dollar at 1.32 and flat against the euro at 1.20.
The German Dax closed up 0.22% and the French Cac closed down 0.03%.
In company news, rail firm Govia will continue to run the Thameslink franchise for the next three years despite being handed a multimillion-pound fine for how it ran a separate franchise.
The business is a joint venture owned 65% by Go-Ahead, which saw shares close up 55p, or 7.4%, at 798.5p, as bosses announced they will receive £8.8 million a year in management fees, with additional performance-related bonuses.
Cybersecurity firm Avast found out its planned merger with US rival NortonLifeLock would be referred to the Competition and Markets Authority (CMA) for an in-depth investigation.
But investors appeared to have priced the move in, with shares closing up 0.6p at 572.2p.
Retailer Wickes said it continued to enjoy a DIY boost with households looking to touch up their homes during the past year. It reported revenues were up 14% to £1.5 billion in 2021 with pre-tax profits up to £65.4 million.
Shares closed up 7.5p at 180p.
And water group United Utilities said it is trading in line with expectations as it prepares to wrap up its financial year next week.
The business said revenue is expected to be higher than last year, thanks to an increase in consumption by business customers. Shares closed float at 1,065.5p.
The biggest risers on the FTSE 100 were Rolls-Royce up 17.84p at 110.14p; British Land up 14.6p at 527.6p; Pearson up 19.2p at 786.4p; Land Securities up 18.4p at 784p and Pershing Square up 65p at 2,860p.
The biggest fallers were Airtel Africa down 16.5p at 139p; Persimmon down 96p at 2,096p; Taylor Wimpey down 5p at 132.35p; B&M down 21p at 559.6p and Aveva down 89p at 2,405p.