MARKET REPORT

THE FTSE 100 closed higher yesterday, halting a three-day losing streak as fears over a trade war between the US and China eased. London’s top flight closed up 0.3%, or 23.55 points, at 7,627.40.

David Madden, market analyst at CMC Markets, said: “Stock markets are broadly positive as investors are a little less fearful about a global trade war. Beijing softened its stance overnight, but there was a report recently that they will have a strong countermeasure against the tariffs imposed by the US.”

Online grocer Ocado ended the best blue-chip performer, up 52.7p at 1,001.5p after Peel Hunt reiterated its buy rating and nearly tripled its price target, saying it has the potential to become the “Microsoft of retail logistics”. The stock has surged in value since this year off the back of a flurry of high-profile international deals.

Sky was another high-flyer, closing up 42p at 1,380p after Disney upped the ante for 21st Century Fox, making a $70.3bn (£53.3bn) counterbid for its entertainment businesses following Comcast’s $65bn (£49.2bn) offer for the company. The bid includes Fox’s 39% stake in Sky.

At the other end of the FTSE 100, housebuilder Berkeley was rooted to the bottom of the index after warning that strong earnings growth is unlikely to last, with profits set to come in a third lower next year. Berkeley said profits had peaked and will be “returning to more normal levels from 2018-19, when profits are anticipated to be around 30% lower”. Shares ended down 244p to 3,893p.

In Europe, Germany’s DAX edged up 0.14% and France’s CAC 40 was down 0.34%.

Sterling had a mixed day ahead of a crucial Brexit vote in the House of Commons, which saw the Government defeat an amendment over a “meaningful vote” for MPs on the UK’s exit.

The pound ended the session up 0.2% against the US dollar at 1.319 and against the euro by the same figure at 1.138. Sterling will be in focus again today when the Bank releases its latest interest rate decision.

Brent crude was trading at $75.05 a barrel ahead of the OPEC meeting at the end of the week.

The biggest risers on the FTSE 100 were Ocado up 52.7p at 1,001.5p, Imperial Brands up 84p at 2,705p, Sky up 42p at 1,380p and BT Group up 5.65p at 214.3p.

The biggest fallers on the FTSE 100 were Berkeley Group down 244p at 3,893p, Royal Mail down 13.7p at 498.7p, Next down 130p at 5,862p and Barratt Developments down 8.4p at 538p.