Footsie hits highest level in a fortnight

The FTSE 100 index rose to a two-week high on the back of a weaker pound, which dropped following a downward revision to UK growth figures.

London’s blue chip index ended the day up nearly 0.7 per cent or 49.94 points at 7,372.76, its highest level since mid-september.

It made gains on the back of a softer pound, as multinational firms on the FTSE 100 tend to benefit when foreign currencies are stronger than the pound.

David Madden, a market analyst at CMC Markets UK, said: “The GBP/USD lost ground overnight and the weaker-than-expected UK GDP (gross domestic product) numbers added to the decline.

Troubled infrastructure giant Carillion plunged 13p to 51.25p after the firm revealed mammoth half-year losses of more than £1 billion and again warned over its performance.

The figure compares with an £84 million profit in the same period last year and includes an £845m write-down relating to support services contracts and a goodwill impairment charge of £134m linked to construction activities in the UK and Canada.

Carillion also made a fresh £200m provision for support services contracts, and said that full-year results will be lower than current market expectations. Purplebricks jumped 15.25p to 387.5p as the online estate agent said it expected to double half-year revenue in the UK to £36m, after making strong progress over the last few months.

Beazley shares rose 19.8p to 479.5p despite

issuing a profit warning.