FTSE 100 hits new one-year high in easter boost

The UK’S top stock market index has hopped closer to an all-time high as it closed the quarter with a pre-easter boost.

The FTSE 100 hit a new high of more than a year on Thursday amid a slight upgrade to UK economic data.

It closed 20.64 points higher, or 0.26%, at 7,952.62, edging nearer to the 8,000 mark which it last surpassed in February last year.

The blue-chip index was lifted higher by a surge in the share price of JD Sports Fashion, which provided an update to shareholders revealing rising sales and hundreds of new store openings.

The company said trading was tough at the moment, but that it expects conditions to improve later this year.

Investors appeared to be pleased with the update from the sportswear giant and its shares soared by more than 17%.

Meanwhile, revised official figures showed that the UK economy contracted by slightly less than expected during the second half of last year.

They confirmed that the country entered a recession at the end of the year, but it was slightly weaker than previously thought.

Chris Beauchamp, chief market analyst at online trading platform IG, said: “While a latecomer to the global stock rally, the FTSE 100 has done its best to catch up, reaching a new one-year high.

“A 3% gain for the quarter might not be the most impressive return, but the index has made great strides over the past three months, and its previous high is now in sight.”

Over in Frankfurt, the Dax closed 0.15% higher, and in Paris, the Cac 40 edged up by just 0.01%.

In the US, the S&P 500 was up by about 0.05% and the Dow Jones was more or less flat by the time European markets closed.

The pound was down about 0.05% at 1.2635 US dollars and up about 0.2% at 1.17 euros.

The price of Brent crude oil jumped by 1.5% to 87.37 US dollars per barrel.

In other company news, shares in AO World jumped higher after the electronics retailer increased its profit expectations after seeing improvements to its finances over the past year.

The retailer has been taking cost-cutting actions, including cutting the number of jobs and closing its German business.

Shares in the company were up by 12.2% at the close.

On the other hand, shares in Quiz slumped by a 10th after the fashion retailer said sales in the UK continue to be impacted by weaker demand in stores and online.

The business said it was shaking up its leadership team and was taking steps to counter the impact of declining sales.