London stocks climb after strong gains for Unilever and Barclays
The FTSE 100 finished 10.74 points, or 0.13%, higher to end the day at 8,269.38.
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Your support makes all the difference.London stocks finished higher as positive updates from the likes of Unilever and Barclays helped boost the FTSE.
The City’s main indexes were in positive territory throughout the trading session, but saw their gains pared back, and pre-Budget caution weighed on some traders.
The FTSE 100 finished 10.74 points, or 0.13%, higher to end the day at 8,269.38.
Chris Beauchamp, chief market analyst at IG, said: “Good news from Unilever and Barclays has driven the FTSE 100 higher today, though uncertainty around next week’s Budget continues to hobble UK assets overall.
“The FTSE 100 has spent weeks trying to rally, but to no real effect.
“Just as the US election hangs over Wall Street, so UK investors have decided to sit things out until Rachel Reeves finishes talking next week.”
In the US, the markets were boosted by a soaring performance by Tesla after it revealed strong profits in an update late on Wednesday.
In continental Europe, the Cac 40 ended 0.08% higher for the day and the Dax index was up 0.39%.
Sterling was given a lift after Chancellor Rachel Reeves confirmed she would change the UK fiscal rules, in a move some economists think could boost near-term spending and have an impact upon future interest rate cuts.
The pound was up 0.32% at 1.296 US dollars and up 0.12% at 1.199 euro.
In company news, Barclays revealed earnings jumped by nearly a fifth in recent months, as the investment banking unit cashed in on an increase in dealmaking amid continued cost-cutting.
The bank reported a pre-tax profit of £2.2 billion between July and September, nearly a fifth more than the £1.9 billion made this time last year.
CS Venkatakrishnan, Barclays’ chief executive, said the bank advised on deals such as Indian telecoms giant Bharti Global taking a 25% stake in BT.
Shares in the bank rose 4.2% to 248.05p.
Meanwhile, Frasers Group demanded that retailer Boohoo appoint Frasers’ boss Mike Ashley as chief executive at the online clothes seller.
Frasers – which is Boohoo’s largest shareholder with a 27% stake – called for a meeting of Boohoo investors to back its plans to appoint Mr Ashley, claiming it is “in the best interests of Boohoo, its shareholders and its stakeholders”.
Boohoo shares rose 3.9 to 28.5p%.
Unilever was another of the day’s stronger performers, with shares buoyed by sweeter ice cream sales.
The Marmite-to-Magnum consumer goods firm said sales rose 4.5% in the three months to September, versus the same period last year.
Unilever shares were up 2.9% to 4,790p.
Meanwhile, the price of oil was in the red at the close as early gains in the morning session receded.
A barrel of Brent crude oil was down by 0.95% to 74.25 dollars (£57.29) as markets were closing in London.
The biggest risers on the FTSE 100 were Barclays, up 9.9p to 248.05p, Unilever, up 137p to 4,790p, Anglo American, up 67p to 2,390.5p, London Stock Exchange, up 270p to 10,655p, and Standard Chartered, up 16.8p to 859p.
The biggest fallers on the FTSE 100 were Schroders, down 9.6p to 353.2p, SSE, down 45.5p to 1,847p, Endeavour Mining, down 40p to 1833p, United Utilities, down 20p to 1051p, and Reckitt, down 92p to 4861p.