FTSE exceeds 7,300 as fears fall by wayside
Market report Emma Newlands
London’s top-flight index regained its poise as investors brushed aside geopolitical concerns.
The FTSE 100 Index closed up 27.77 points at 7,313.51 as fears faded over North Korea and the tensions in Spain surrounding the Catalonian independence referendum.
David Madden, market analyst at CMC Markets, said: “The FTSE 100 has broken through the 7,300 mark again, and hit its highest level since the middle of the month. The next potential hurdle for the market could be the 200-day moving average at 7,330.”
On the currency markets, the pound was 0.4 per cent lower against the US dollar at $1.340.
The greenback strengthened after US Federal Reserve chairwoman Janet Yellen confirmed her support for an interest-rate rise.
However, a bright economic update from the UK retail sector helped sterling pare some losses, with sales growing at their fastest pace for two years in the year to September.
In UK stocks, PZ Cussons saw its stock value tumble after it became the latest firm to warn over a tough consumer market in the UK as Brexit-fuelled inflation puts households under pressure. Shares fell 5.9p to 323.5p, as the firm said it was seeing tough trading conditions in many of its global markets.
The biggest risers on the FTSE 100 Index included Pearson up 22.5p to 606p, Royal Bank of Scotland up 9p to 270.8p and Lloyds Banking Group up 2.2p to 67.2p.
The biggest fallers included Randgold Resources down 175p to 7,300p, National Grid down 17.9p to 925.3p, and United Utilities down 13.5p to 840.5p. The troubled infrastructure giant leapt by as much as a quarter on speculation of an unnamed Middle East investor planning a takeover bid. The shopfitting and interiors group suffered after revealing a “difficult” first half and the resignation of chief executive David Ritchie.