Pound helps take FTSE just shy of record

Market report Emma Newlands

London’s premier index fell just short of a new record as sterling’s weakness and robust UK economic data gave a lift to blue- chip stocks.

The FTSE 100 Index closed up 23.82 points at 7,543.77 but came in shy of the record all- time closing high of 7,547.63 achieved on 26 May.

It rebounded as the pound suffered a tumultuous session on the currency markets as the latest polling data from Yougov put the Conservatives just three points ahead of Labour.

However, sterling made a resurgence later in the session, trimming back gains on the FTSE 100, as traders became more confident that the Tories will return to power after 8 June.

The pound was up 0.2 per cent versus the US dollar at $ 1.289 and 0.5 per cent higher against the euro at € 1.150.

The London market was also given a boost from the latest manufacturing data showing a strong performance from the industry, despite widespread fears of a prolonged slowdown in the UK economy.

I n UK sto cks, Lloyds Banking Group f ell despite gaining regulatory approval for its £ 1.9 billion acquisition of consumer credit card business MBNA from Bank of America. Shares closed down 0.43p at 70.2p.

The biggest risers on the FTSE 100 Index were Paddy Power Betfair, up 350p to 8,420p, 3I Group, up 32p to 927p, Convatec Group, up 10.8p to 330.8p, and Micro Focus International, up 66p to 2,460p. The biggest fallers were Taylor Wimpey, down 13.1p to 190p, National Grid, down 39.5p to 1,050p, Mediclinic International, down 27.5p to 781p, and ITV, down 4.1p to 191.6p. The satellite firm, which on Wednesday reached a deal with Wallem Group, closed as the second- best performer on the FTSE 250. The transport giant was the biggest faller on the FTSE 250 after warning in its annual results of ongoing UK economic uncertainty.