Lloyds’ robust results help FTSE’S ascent

Emma Newlands

The FTSE 100 ended higher as a strong set of results from Lloyds Banking Group helped the index shake off a bleak day for Sainsbury’s shares.

London’s top flight closed the day up 49.45 points, or 0.69 per cent, at 7,228.62, also aided by optimism over ongoing trade tensions between the US and China.

Fiona Cincotta, analyst at City Index, said: “President Trump seems for the time being to have softened his stance on the deadline for a deal on the Sino-us trade talks, infusing global markets with a light helping of optimism.”

Lloyds was flying higher after posting an increase in annual profits as it delivered a bumper £4 billion pay-out for shareholders and said it will meet cost targets earlier than expected. Shares rose towards the top of the FTSE 100, closing up 2.76p, or 4.75 per cent, at 61.13p. On the second tier, Braehead owner Intu came in for a hammering after the shopping centre giant swung to an annual loss as it suffered a collapse in the value of its properties. This came as the company saw £1.4bn wiped off the value of its property portfolio to £9.2bn. Shares closed down 9.2p at 108.95p, a fall of 7.8 per cent.

The pound, meanwhile, was trading flat versus the US dollar at $1.306 at the London market close. Against the euro, sterling was also flat at €1.150.

The biggest risers on the FTSE 100 included GVC, up 34p at 649p, Kingfisher ,up12.4pat 241.6p, and Antofagasta, up 45.4p at 935.4p. The biggest fallers included Sainsbury’s, down 53.4p at 234.5p, Morrisons, down 12.8p at 227.25p, and Hikma, down 41.5p at 1,673.5p.