Footsie’s first positive week since January

London’s premier index secured its first positive week since January as confidence crept back into global markets following a series of punishing sell-offs.

The FTSE 100 closed up 59.89 points at 7,294.7, as a degree of calm returned to trading after last week’s turbulence when interest-rate fears sent equity markets into meltdown.

David Madden, market analyst at CMC Markets, highlighted the rise in market confidence, adding: “Some traders are cau- tious… while others are picking up relatively cheap stocks.”

On the currency markets, sterling was down 0.3 per cent against the US dollar at $1.40 following a lacklustre update from the UK retail sector. Against the euro, the pound was up 0.2 per cent to €1.12.

In UK stocks, property firm Segro was the biggest riser on the FTSE 100, securing a hefty jump in half-year profits thanks to strong demand for its warehouses from internet shopping. Shares were up 36p to 591.2p.

Balfour Beatty enjoyed a bright session on the second tier, closing up 7.1p to 280.5p, after clinching a £1.4 billion contract to build an above-ground transport system at Los Angeles International Airport.

The biggest risers on the FTSE 100 included NMC Health up 146p to 3,424p and WPP up 59p to 1,471p. The biggest fallers included BHP Billiton down 20.6p to 1,577.4p and Carnival down 51p to 4,811p.