Foot­sie ends week on more pos­i­tive note

The Scotsman - - Markets - Mar­ket re­port Perry Gourley

The FTSE 100 ended in pos­i­tive ter­ri­tory as traders sounded a note of cau­tious op­ti­mism fol­low­ing weeks of fret­ting over global trade.

Lon­don’s top flight closed up 22.47 points at 7,304.04, propped up by the likes of Tui, Burberry and Rolls-royce.

It comes de­spite an on­go­ing trade spat be­tween the US and China which has spooked mar­kets re­cently, with Don­ald Trump im­pos­ing bil­lions of dol­lars worth of tar­iffs on Chi­nese im­ports.

“The Us-china trade dis­pute is still on­go­ing, but while there isn’t a war of words, deal­ers are con­tent to buy back into the mar­ket,” said David Mad­den, an­a­lyst at CMC Mar­kets.

The pound, mean­while, largely shrugged off an­other set of stark Brexit warn­ings from Bank of Eng­land gov­er­nor Mark Car­ney.

The Cana­dian told min­is­ters that house prices could crash by more than a third, ster­ling plum­met and in­ter­est rates rocket in the event of a dis­or­derly, no-deal Brexit.

JD Wether­spoon shares ended in the red af­ter the pub group warned it would need to main­tain sales mo­men­tum to keep up with ris­ing costs, de­spite record prof­its of £107.2 mil­lion. Chair­man Tim Martin said the cur­rent fi­nan­cial year had been “rea­son­able”, with 5.5 per cent growth in like-for-like sales in the six weeks to 9 Septem­ber 9. But he warned higher run­ning costs could threaten profit growth. Shares closed down 17p at 1,263p.

Sports Direct, never out of the head­lines for long, saw its shares close up 1.3p to 350.5p as boss Mike Ash­ley let rip on mi­nor­ity share­hold­ers, ac­cus­ing them of stab­bing him in the back.

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