Footsie closes up after late trading start

The Footsie recovered some of the losses incurred earlier in the week despite a slow start to the day after the market failed to open on time.

The FTSE 100 closed up 50.14 points at 7,117.15, following two days of major losses amid growing fears of a global recession.

The mood had brightened by the end of the week following positive retail sales data from the US.

The bluechip index opened later than usual following technical difficulties which made for a 100-minute delay.

Shares in the London Stock Exchange Group lifted 130p to 6,852p despite the technical hiccup.

Fiona Cincotta, senior market analyst at City Index, said it was an “embarrassment” for the group and raised questions over its technology. The timing is pretty horrendous for LSE, just weeks after it sealed a deal to buy Refinitiv, in its quest to become a global markets and information powerhouse,” she said.

Ted Baker announced it would be ditching Debenhams to sign up high street rival Next as a partner for selling its children’s range of clothing and accessories.

Shares in both Ted Baker and Next were relatively flat following the announcement, dipping 2p to 901.5p and 18p to 5,622p respectively.

Struggling car dealer Pendragon continued the sell-off of its US showrooms with the sale of a site in Puente Hills, California.

Shares fell 0.28p to 10.46p. Ingredients firm Real Good Food were down 0.5p to 6.75p after annual losses before tax rose.