London stocks lifted by hospitality and retail
LONDON stocks closed higher for the fourth consecutive day as hospitality and retail firms helped continue the winning streak.
Sentiment across Europe was also generally more optimistic as recent concerns over the potential for further Covid restrictions appeared settled.
London trading was boosted by strong retail figures from the latest Confederation for British Industry (CBI) retail survey as well as upbeat notes for a number of hospitality and leisure firms including Whitbread and Intercontinental Hotels Group.
The FTSE 100 closed up 24.05 points, or 0.33%, higher, at 7,310.37p on Thursday.
The other major European markets also appeared to benefit from European Commission president Ursula von der Leyen’s call on nations to step up vaccination efforts in the face of rising cases.
Joshua Mahoney, senior market analyst at IG, said: “European markets have enjoyed a relatively upbeat day today, with the lack of US involvement reducing volatility into the close.
“While rising Covid cases remain a key concern for mainland European economies, we have seen the likes of the Dax and Cac both gain ground.”
The German Dax increased by 0.25% and the French Cac increased by 0.48%.
Across the Atlantic, Wall Street was closed for the day for Thanksgiving celebrations.
Meanwhile, the pound moved 0.03% higher versus the US dollar at 1.332, and increased 0.04% against the euro at 1.188.
In company news, Vivo Energy leapt to the top of the FTSE 350 after it accepted a $2.3 billion (£1.7 billion) takeover offer from its largest shareholder.
The listed Africa-focused retailer of Shell and Engenbranded fuels said it will recommend the offer from Vitol Investment Partnership, which already owns a 36% stake. Shares in Vivo lifted by 20.6p to 132p.
All Bar One and Harvester owner Mitchells & Butlers made gains after the hospitality firm narrowed its annual losses.
The company saw an improvement in sentiment despite a warning it is facing pressure from rising gas and electricity prices as well as food and staff costs amid supply and worker shortages.
Shares in Mitchells & Butlers rose by 8.4% to 244.4p at the close of play.
Omega Diagnostics shares plunged after it said it was “disappointed” with a lack of progress and commitment from the Government regarding Covid-19 testing contracts. The Scotlandbased medical diagnostics business fell by 10.5p to 29.5p after it saw losses widen to £3.4m for the half year to September.
The price of oil was steady as traders digested the release of further oil supply earlier this week. Brent crude was flat at $82.25 per barrel when the London markets closed.