FTSE slightly higher at close as global traders await Jackson Hole summit

The FTSE 100 finished 4.57 points, or 0.06%, higher to end the day at 8,288.00.

London stocks inched higher on Thursday (John Walton/PA) (PA Archive)

London’s top financial index finished marginally higher on Thursday amid caution ahead of Friday’s Jackson Hole economic symposium.

The rise came despite weakness for mining firms after commodity prices swung lower, with the FTSE aided by a strong jump in the value of JD Sports after a positive trading update.

The FTSE 100 finished 4.57 points, or 0.06%, higher to end the day at 8,288.00.

Across the Channel, the Cac 40 in France ended flat for the day and the Dax index was up 0.24% at the close.

Stateside, the Dow Jones and Nasdaq both slipped in early trading, with household appliances group Williams-Sonoma a notable faller.

Axel Rudolph, senior technical analyst at IG, said: “The near 1.5% rally in the Japanese Nikkei 225 hasn’t been replicated by any US, nor European equity indices which continue to trade in low volume and volatility ahead of Fed Chair Powell’s speech at the Jackson Hole symposium on Friday.

“The ECB leaving rates on hold didn’t surprise anyone and US jobless claims rising more than expected, existing home sales rebounding and private sector growth slowing less than expected had little impact.

“Neither did UK factory orders which fell less than expected.”

In currency, sterling continued to its strong recent spell to hold close to a year-high versus the dollar.

The pound was up 0.09% at 1.309 US dollars, and was up 0.38% at 1.178 euro.

In company news, JD Sports was the top riser on the FTSE 100 after the sports retail giant reported higher sales, driven  by the opening of 85 new stores as part of its global expansion.

The group said a 2.4% rise in total sales was driven by growth in North America and Europe, whereas sales in the UK slipped 0.8% year on year.

Shares in the high street business therefore rose by 10.7% to 141.85p.

Elsewhere, BP shares slipped to their lowest close price for two years amid continued investor concerns over its shift away from oil and gas.

Sentiment was lower after a Bloomberg Intelligence analyst said “there’s an increasing concern of sustainability of returns” compared with rival London-listed oil major Shell.

Shares in BP were 1% lower at 426.2p at the close.

Recruiter Hays was in the green as shareholders were pleased by the firm revealing it is slashing costs by around another £30 million in order to bolster its finances.

The company’s shares therefore rose by 2.5% to 97.4p despite pre-tax profits plunging 91% to £14.7 million in the year to June 30 as net fees slumped 12%.

The price of oil stabilised and steadily rose on Thursday as traders started to buy back into the energy after its recent fall in value.

A barrel of Brent crude oil was up by 1.4% to 76.15 US dollars (£58.15) as markets were closing in London.

The biggest risers on the FTSE 100 were JD Sports, up 13.7p to 141.85p, Tesco, up 6.8p to 346.6p, Frasers, up 16p to 860p, easyJet, up 7.5p to 446.5p, and Admiral Group, up 48p to 2,951p.

The biggest fallers on the FTSE 100 were Legal & General, down 6.5p to 224.5p, Glencore, down 8p to 405.3p, Anglo American, down 41p to 2,236.5p, Mondi, down 24.5p to 1,448.5p, and Schroders, down 5.6p to 341p.