Broad rally helps Footsie close higher

Market report Perry Gourley

A broad rally on the London market helped it finish the week on a high note despite a string of profit warnings hitting individual stocks.

The Footsie closed up 29.83 at 7,730.79, although was still down on the level seen at the start of the week.

David Madden, market analyst at CMC Markets UK, said: ”The FTSE 100 has had a negative week, but at least it is finishing on a high note. The rally in the London market has been driven by a wide range of sectors. Healthcare mining, consumer staples and financials are all higher on the session.”

Shares in retailer Carpetright came under further pressure again after the company issued a profit warning.

The company said total revenue for the 11 weeks to mid-january fell by 2.3 per cent and the post-christmas sales were well below their expectations. Shares fell by 64.9p to 99.6p. Shares in women’s discount retailer

Bonmarche were also hit after it reported a collapse in Christmas sales.

A trading update covering the 13 weeks ending 30 December revealed that the retailer suffered a 9.7 per cent slump in store like-for-like sales, with total sales crashing 5.5 per cent. Shares closed at 105p, down 21.5p But Easyjet shares were higher after Morgan

Stanley boosted its rating on the stock from

equal weight to overweight. Shares rose 71.5p to 1584.5p.

Shares in Intercontinental Hotels also received a broker boost as Goldman Sachs increased its rating on the stock to buy from neutral. Shares rose 124p to 4,928p.