FTSE recovers with support of Wall Street

London’s top flight ended the day on a positive note, after a healthy performance by Wall Street helped to energise the UK markets.

The FTSE 100 followed the Dow Jones to close 23.09 points higher at 7.184.8, despite starting the day in the red and spending the morning pinned back by disappointing UK manufacturing data.

David Madden, market analyst at CMC Markets UK, said: “It has been an impressive turnaround seeing as the major indices were offside this morning. Tensions between the US and China, and the US and Mexico, are still high – the highest they have been recently, so today’s move might turn out to be a relief rally as the political stand-off continues.”

The pound remained steady despite negativity surrounding the manufacturing figures, trading 0.07 per cent lower at $1.261 versus the dollar and 0.44 per cent down to €1.126 versus the euro.

In stocks, drugs giant A st raZe ne ca saw shares rise after it revealed positive results for a new cancer drug.

Bosses said trials of Lynparza, a treatment for pancreatic cancer in a joint venture with US pharma firm Merck, had shown that patients on the drug went 7.4 months without their illness worsening, compared with 3.8 months for those on a placebo. Shares lifted 111p to 5,944p at the close of play.

Metro Bank shares slumped after reports that it has dramatically reined in its lending to real estate clients in a bid to rebalance its portfolio. Shares in the retail bank fell by 58p to 625.5p, as it also saw shareholders approve its £375 million share placing.