Greece fears continue to impact markets

LONDON

GLOBAL markets suffered a lacklustre session as a raft of disappointing economic updates across the world weighed on sentiment.

France’s Cac 40 and Germany’s Dax both posted sharp declines after a weak reading from a survey of European manufacturing and services sectors added to further fears about a Greek euro exit.

Data from the Chinese and US economies were also disappointing, but the FTSE 100 managed to close higher, adding 25.4 points to 7053.7, boosted by a strong performance from London-listed mining stocks.

In currencies, the pound came under pressure after a surprise fall in UK retail sales last month.

Economists said the surprise 0.5 per cent drop in volume sales on the previous month was likely to feed into a weaker overall first quarter for UK growth, with gross domestic product (GDP) figures next week likely to show a slowdown.

GDP grew by 0.6 per cent in the final quarter of last year but yesterday’s figures prompted a prediction that the pace of expansion could slow to 0.4 per cent.

Sterling fell by a cent against the euro to a little over €1.39, though it recovered from an initial decline against the US dollar to finish the session above the $1.50 mark.

In New York, the Dow Jones Industrial Average was ahead. The dismal round of world economic updates was completed by China, with a manufacturing survey showing the lowest activity for a year.

But this failed to dent appetite for London’s mining stocks, with

Anglo American leading the top-flight risers’ board as it climbed five per cent, or 48p, to 1062p, with Antofagasta up 35p at 784.5p and Fresnillo ahead by 24.5p at 727.5p.

Tesco was higher after losing five per cent on Wednesday in the wake of annual results showing a massive £6.4 billion loss, which also pulled down supermarket rivals. In the latest session, shares rose one per cent, or 2.6p, to 225.3p, while Morrisons added 3.1p to 193.5p and Sainsbury’s climbed 4p to 267p.

Outside the top flight, shares in set-top box maker Pace jumped 35 per cent or 115p to 447p after the announcement of a takeover by US firm Arris.

William Hill was three per cent lower as the bookmaker said operating profits for the three months to the end of March were down 19 per cent to £16 million, with the performance impacted by poor football results in January. Shares dropped 11.1p to 361.2p.

The biggest risers in the FTSE 100 Index were Anglo American, up 48p to 1062p; Antofagasta, up 35p to 784.5p; Fresnillo, up 24.5p to 727.5p; and Rio Tinto, up 94.5p to 2958p. Biggest fallers were Legal & General, down 12.1p to 265.1p; Old Mutual, down 6.4p to 231.1p,; Sports Direct, down

14.5p to 616.5p; and Mondi, 31p to 1322p.

NEW YORK

THE Nasdaq Composite, the US market index most closely associated with technology stocks, closed at an all-time high, surpassing a 2000 record set just before the dotcom crash.

Its record close of 5,056.06 capped a slow, unsteady climb from a 2002 low of 1,114.11 that spanned a recession, the rise of biotech and social media, and the explosive growth of mobile phones that has helped make Apple the most valuable company in America.

The Nasdaq jumped as high as 5,073.091 on Thursday, led by shares of Apple, which has been among the biggest positive influences on the index in recent years. The index’s last record close of 5,048.62 was hit on March 10, 2000.

Rapid growth in biotechnology companies such as Gilead and social media firms like Facebook, driven by the popularity of mobile computing, also helped lift the Nasdaq to its current levels.

Shares of Gilead were up 1 per cent at $105.21, while Facebook, which on Wednesday posted quarterly revenue that missed analysts estimates, was down 2.6 per cent at $82.41.

Shares of Apple were up 0.8 per cent at $129.67, while Google was up 1.5 per cent at $557.46. They are the two top components by market cap in the Nasdaq.

Microsoft, which was the top component in March 2000, is now third, followed by Facebook.

The Nasdaq Composite’s market capit alisation is $8.2 trillion, compared with a $19.5trn market cap for the S&P 500.