Footsie ends week on more positive note
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.