Normal service resumes after China set off a rollercoaster

AFTER all that, we’re more or less back where we started.

The FTSE 100 index ended yesterday within 60 points of last week’s closing level, despite the past few days seeing some of the largest price moves since 2011. The index of London’s biggest listed companies rose 55.91 points, or 0.9pc, yesterday to close at 6,247.94.

After losing almost 5pc of its value on Monday, the blue-chip index was caught up in a global fight to put a price on the increasing fear that China’s economy was slowing. Yesterday there were signs that trading activity was returning to normal, with many of the biggest-moving stocks driven by events and results.

Inmarsat’s shares rocketed alongside the launch of its third Global Xpress satellite, which went into orbit yesterday to help complete the firm’s nextgeneration broadband internet network.

The company had been forced to delay lift-off by several months after another rocket exploded at the same launch site in Kazakhstan.

The shares closed 4.9pc higher at 981p, taking its gains for the past year close to 40pc.

Oil companies spent the day on the coat-tails of a fresh rise in the price of crude, following heavy falls earlier in the week. BG Group rose 32.8p to 994.6p, while its suitor Shell increased 47p to £17.07.

Other commodity firms, including Randgold Resources and BHP Billiton were also among the biggest risers. Tui and easyJet, leisure firms with significant fuel bills, closed 2.8pc and 1.3pc lower respectively.

Debenhams led the falling stocks on the London market yesterday, down more than 7pc to 75.7p after a downgrade to “sell” from analysts at UBS. The experts said the FTSE 250 high street chain “has accepted the need for change but appears to be struggling in the execution”, with a portfolio of shops that is too large for its needs and an overreliance on special offers.

Meanwhile, UBS tipped the furniture retailer Dunelm to spring out of bed, after two years of investment in its online and mobile services. Shares in the group jumped 36.5p to 931.5p.

Bwin, the betting firm that has agreed to be taken over by 888, rose 1.1p to 116.4p. The company reported better-thanexpected earnings for the first six months of the year, having invited rival bidder GVC to make its best offer. Part of a wave of consolidation in the gambling industry, Bwin said talks were continuing with GVC despite the board recommending 888’s offer. GVC, which also posted results yesterday, rose 13p to 448p. Results from Restaurant Group sent its shares down 12p to 666.5p, while building supplies firm Marshalls rose 18.5p to 335p after reporting a busy start to the year.

Innovation Group soared 9.9pc to 38.75p after it confirmed a £500m takeover approach from the private equity group Carlyle. The software firm said it was in talks with its suitor about a 40p-pershare proposal.