DAVID MYRDDIN-EVANS
The FTSE 100 index of leading UK shares got off to a good start this week, rising 0.6% on Monday as US shares hit new record highs.
Rolls-Royce, already up nearly 30% this year, added 2.9% after a broker upgrade.
Blue-chip financials were also up strongly, with Old Mutual gaining 4.8%, private equity firm 3i Group up 2.6% and Prudential advancing 2.2%.
Meanwhile, the US tech share index, the Nasdaq, rose above the 7,000 level for the first time.
In early trading yesterday, UK shares continued to climb upwards, with Old Mutual leading the risers after selling part of its investment business for £600m.
Last week, the FTSE 100 gained 1.3% overall.
A weaker pound helped the market to a 0.6% rise on Friday. BT was up 1.4% after agreeing with Sky to supply content to each other’s platforms from 2019.
On Thursday, the FTSE 100 was down 0.7%. Standard Chartered was among the biggest fallers, off 1.9% after a broker downgrade.
Utilities held the market back on Wednesday following a profit warning from Germany’s Innogy, owner of Npower. Centrica was down 3.7% while SSE fell 0.8%. Water company Severn Trent was also off 1.6%.
Meanwhile, Ashtead Group dropped 5.4% from a record high after chief executive Geoff Drabble sold more than £1m of shares.
However, Dixons Carphone shares had a very strong day, up 8.5% after announcing record Black Friday sales.
Last Tuesday saw the FTSE 100 up 0.6% to reach 7,500 – a level not seen over the previous month.
Ashtead advanced 2% after raising its interim dividend by 16% and announcing a £1bn share buyback. Experian gained 2.2% after a broker upgrade.
But Wm Morrison was down 4.5% and J Sainsbury lost 4.1% after industry data showed Tesco and the discounters taking market share.