MARKET REPORT

THE FTSE 100 hit a record high yesterday as fears of a trade war between the US and China dissipated and the pound continued its downward trajectory. London’s top flight closed above 7,800 points for the first time as markets were buoyed by news overnight that the global superpowers put a hold on imposing punitive import tariffs on each others’ goods.

The index closed up 80.38 points, or 1.03%, at 7,859.17, adding £20.7bn to the UK market.

Ryanair warned the rising oil price could take the gloss off its performance over the next 12 months, having booked a solid increase in fullyear profits.

Barclay’s shares edged upwards after it emerged the bank it would not face charges relating to its emergency fundraising from Qatar at the height of the financial crisis.

Sky’s shares ended the session higher after the government said it will not refer Comcast’s £22bn bid for Sky to competition authorities, raising the possibility of 21st Century Fox’s rival offer being sidelined.

Culture Secretary Matt Hancock said that while he had the powers to intervene in the media merger, he did not believe the deal would raise public interest concerns. Sky’s shares rose 9p to 1,364p.

The biggest risers on the FTSE 100 were 3i Group up 37.5p to 1,026.5p, Burberry up 68p to 2,000p, Sainsbury up 10.7p to 316.2p and AstraZeneca up 176p to 5,417p.

The biggest fallers on the FTSE 100 were Evraz down 18.5p to 483.7p, Micro Focus down 21p to 1,342p, Randgold Resources down 76p to 5,738p and British American Tobacco down 35.5p to 3,764.5p.