SLA and lack of bad news elevate FTSE

The FTSE 100 was lifted thanks to planned shareholder payouts by Standard Life Aberdeen and a lack of bad news on the political stage, which increased appetite for stocks.

London’s blue-chip index ended the day up 0.7 per cent or 54.70 points at 7,718.48, with Standard Life Aberdeen holding the top spot.

The fund-manager closed higher by nearly 5 per cent, rising 14.7p to 321.3p despite a drop in pre-tax profits. But investors cheered its 7.3p interim dividend and the acceleration of a share buyback programme worth up to £1.75 billion.

The FTSE 100 was also buoyed by a stronger appetite for stocks.

David Madden, a market analyst at CMC Markets UK, said: “A lack of negative news has encouraged traders to pick up equities. In terms of geopolitics, not much has changed, but dealers are buying up stocks nonetheless.” In currencies, the pound was mixed, trading 0.1 per cent up against the US dollar at $1.295 but falling 0.2 per cent versus the euro at €1.117.

In UK stocks, shares in outsourcer Interserve

dropped 2.95p to 69.05p after swinging to a £6 million loss in the first half of the year, having been hit in part by restructuring costs.

TP ICAP shares were down 3.5p at 288.9p as the London broker confirmed that statutory pre-tax profits halved to £34m over the six months to 30 June.

The biggest risers on the FTSE 100 included Glencore up 12.3p at 326.3p and Anglo American up 58.2p at 1,736.2p.

The biggest fallers included Intertek Group

down 574p at 5,296p, and Intercontinental Hotels Group down 142p at 5,122p.