Thaw in trade tensions lifts FTSE higher

London’s top flight made gains as the global mood lightened thanks to apparent progress in Us-chinese relations.

The FTSE 100 closed up 69.61 points at 7,184.32 after global trading relations seemed to take a positive turn, with the Chinese ministry for commerce indicating a willingness to strike a deal with the US.

David Madden, market analyst at CMC Markets UK, said: “Beijing admitted that further trade tensions will be harmful to everyone, and foreign firms operating in China won’t come under pressure, but at the same time, the country is willing to flex its financial muscles to inflict pain on the US should it see fit.”

The international-focused FTSE also benefited from a flat day for the pound, as the British currency dipped 0.1 per cent to $1.220. Sterling was up 0.17 per cent on the euro at €1.104. In company news, Goals Soccer Centres, the East Kilbride-based five-a-side football pitch operator reeling from a major accounting scandal, announced it has put itself up for sale with the aid of Deloitte.

The company’s shares on the junior market remain suspended amid an ongoing investigation into a £12 million VAT accounting fraud.

High street newsagent and convenience store business Mccoll’s blamed Brexit and poor summer weather for a fall in sales, as shares continue to trade at all-time lows, closing 2.7p lower at 45.8p.

Guarantor lender Amigo’s shares crashed, losing 75.5p to close at 70.7p after it warned of a slowdown in lending growth ahead of an expected regulatory crackdown.