Markets lift FTSE 100 to six-week high as the rebound continues

The FTSE floated up to a six-week high as traders felt the festive cheer in the last full trading day before Christmas.

Trading was steady as a lack of negative economic news, despite the continued spread of the Omicron variant of coronavirus, provided a small uptick for most firms.

The FTSE 100 closed 31.68 points, or 0.43%, higher at 7,373.34 on Thursday.

Chris Beauchamp, chief market analyst at IG, said: “It might not be like some of the Santa rallies of years past, but at least markets have managed to claw their way higher this week, and as the final full day of London trading before Christmas marches to its close, stocks look to be in stronger form.”

Elsewhere in Europe, the other main markets also made positive strides due to optimism regarding data suggesting

Omicron could be milder than previous virus strains.

The German Dax increased by 1.02% and the French Cac increased by 0.88%.

Meanwhile, sterling drifted slightly against the dollar, which benefited from steady unemployment figures.

The pound moved 0.03% lower versus the US dollar at 1.340, and decreased 0.12% against the euro at 1.184.

In company news,

Flutter Entertainment flew towards the top of the FTSE after it bought Milan-based online gaming group Sisal for £1.62 billion in an effort to take pole position in the Italian market.

Daily Mirror publisher Reach tumbled into the red on the back of reports that it could face intervention from the UK Pensions Regulator.

The Telegraph reported late on Wednesday that the company could face scrutiny over not increasing pension contributions in an effort to address a large funding deficit.

Shares in the group, which also owns the Express and Star newspaper, fell by 15p to 263p.

The price of Brent crude oil continued its recent recovery to increase 1.24% at 76.22 dollars per barrel when the London markets closed.

Markets have managed to claw their way higher