FTSE on rise with hospitality and leisure sector feeding confidence

London stocks closed higher for the fourth consecutive day as hospitality and retail firms helped continue the winning streak.

Sentiment across Europe was also generally more optimistic as recent concerns over the potential for further Covid restrictions appeared settled.

London was boosted by strong retail figures from the latest Confederation for British Industry (CBI) retail survey as well as upbeat notes for a number of hospitality and leisure firms including Whitbread and Intercontinental Hotels Group.

The FTSE 100 closed up 24.05 points, or 0.33%, higher, at 7,310.37p.

The other major European markets also appeared to benefit from European Commission president Ursula Von der Leyen’s call on nations to step up vaccination efforts in the face of rising cases.

Sentiment was more optimistic as concerns about Covid seem settled

The German Dax increased by 0.25% and the French Cac by 0.48%.

Across the Atlantic, Wall Street was closed for the day for Thanksgiving.

Meanwhile, the pound moved 0.03% higher versus the US dollar at 1.332, and increased 0.04% against the euro at 1.188.

In company news, Vivo Energy leapt to the top of the FTSE 350 after it accepted a $2.3 billion (£1.7bn) takeover offer from its largest shareholder.

The listed Africafocused retailer of Shell and Engen-branded fuels said it will recommend the offer from Vitol Investment Partnership, which already owns a 36% stake.

Shares in Vivo lifted 20.6p to 132p.

All Bar One and Harvester owner Mitchells & Butlers made gains after the hospitality firm narrowed its annual losses.

Scotland’s Omega Diagnostics shares plunged after it said it was “disappointed” with a lack of progress and commitment from the Government regarding Covid-19 testing contracts.

The medical diagnostics business fell by 10.5p to 29.5p after it told shareholders it saw losses widen to £3.4 million for the half-year to September.