London’s FTSE rises but lags behind buoyant global markets
The FTSE 100 moved 0.19%, or 14.57 points higher to finish at 7,756.87.
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Your support makes all the difference.London’s equity markets made gains on Friday but were once again left behind soaring performances from global peers.
Japanese markets rocketed in early trading to extend their recent rally towards a new 33-year high.
This performance set the tone for much of Europe early in the session, with a new record for the German Dax amid hopes of progress regarding US debt ceiling talks.
In London, housebuilders were among those to drag on the wider market as UK gilt yields lifted.
The FTSE 100 moved 0.19%, or 14.57 points higher to finish at 7,756.87.
The Dax rose by 0.69% and the Cac 40 increased by 0.61% at the close as a result.
Michael Hewson, chief market analyst at CMC Markets UK, said: “Markets in Europe have seen another day of strong gains after the Nikkei 225 closed at its highest levels since 1990 and finished the week higher by 4.8%.
“This momentum translated into the European session, with the German Dax taking up the challenge and posting a new record high above 16,300, with the gains being driven by optimism that markets would have one less thing to worry about next week, with respect to a successful resolution of US debt ceiling negotiations.
“The FTSE 100 has once again been the laggard with weakness in the retail and construction sector.”
Stateside, the US markets built further momentum as they picked up from Thursday’s positive tone.
Meanwhile, sterling swung back to gains against the dollar but has had a shaky week ahead of a key inflation update for April due next week.
The pound was up 0.41% to 1.245 US dollars and up by 0.07% to 1.152 euros at market close in London.
In company news, shares in JD Sports slipped after US rival Foot Locker cut its annual sales and profit forecasts following a sharp slump in demand.
Foot Locker shares dropped by as much as a quarter, and JD fell by 13.4p to 159.25p in response.
Beer and cider maker C&C Group’s investors suffered a headache after it revealed that the botched implementation of new software at one of its subsidiaries was going to cost it millions of pounds.
The firm’s chief executive David Forde said he will step down and be replaced by finance boss Patrick McMahon as a result.
Shares finished 22.8p lower at 131p after confirming it expects a roughly £22 million financial hit this year.
Elsewhere, BT rebounded after revealing plans to cut up 55,000 jobs this decade on Thursday. Shares rose 4.25p to 144.95p.
The price of oil dipped marginally again but was higher for the week after the announcement that the US will look at refilling the SPR (strategic petroleum reserve) by 3 million barrels between now and August
Brent crude oil decreased by 0.54% to 75.45 US dollars per barrel.
The biggest risers on the FTSE 100 were BT Group, up 4.25p at 144.95p, Scottish Mortgage Investment Trust, up 12.8p at 647.8p, Flutter, up 320p at 16,400p, St James’s Place, up 20p at 1,145p, and SSE, up 31p at 1,868p.
The biggest fallers of the session were JD Sports, down 13.4p at 159.25p, Burberry, down 99p at 2,290p, Persimmon, down 36p at 1,307p, Berkeley, down 104p at 4,234p, and IAG, down 3.1p at 157.25p.