FTSE edges higher amid strong stocks showing

THE FTSE 100 edged higher again yesterday as it remained close to 12-month highs.

Retailers were among the day’s stronger performers, amid a positive update from Ocado Retail and strong analyst response to Kingfisher’s Monday update.

London’s top index closed 13.39 points, or 0.17%, higher to end the day at 7,930.96 as a result.

Elsewhere in Europe, the other main markets flitted around record highs, with traders particularly active in Germany.

The German Dax index was up 0.76% at the close and the Cac 40 in France closed up 0.41%.

Axel Rudolph, senior market analyst at IG, said: “The Dax 40 hit yet another record high as investors continue to pile into the German stock market due to its ongoing valuation discount.”

Stateside, the Dow Jones, Nasdaq and S&P 500 all moved higher on the opening bell after taking a break on Monday from the recent rally in the US.

Meanwhile, sterling edged slightly lower against the dollar by the close of play, having risen during the morning session due to suggestions from Bank of England rate-setter Catherine Mann that the financial markets have predicted “too many” interest rate cuts.

The pound was down 0.04% at 1.263 US dollars and was 0.01% higher at 1.166 euros at market close.

In company news, Ocado made gains after the company’s UK grocery operation, which is a joint venture with Marks & Spencer, won back more customers through price cuts and efforts to boost ranges.

Ocado Retail posted retail sales of £645.3 million in the 13 weeks to March 2, after sales grew over a tenth year-on-year.

Shares in Ocado Group lifted by 14.7p to 467.3p at the end of trading.

Soft drinks firms AG Barr and Fever-tree both climbed after positive updates to shareholders.

Mixer-focused rival Fevertree finished 122p higher at 1,198p after it held firm profit guidance and recorded a 6% revenue jump amid strength in its US arm.

Asos moved markedly higher after the online fashion business cheered progress on its overhaul efforts, including significant cuts to inventory levels.

As a result, shares rose by 32.5p to 378.7p despite sales falling by around 18% in the six months to March 3.

Meanwhile, the price of a barrel of Brent crude oil was down by 0.24% to 85.88 US dollars.

The biggest risers on the FTSE 100 were Kingfisher, up 10.2p to 249.8p, Marks & Spencer, up 9.8p to 263.9p, JD Sports, up 4.1p to 114.2p, Ocado, up 14.7p to 467.3p, and Standard Chartered, up 19.6p to 695p. The biggest fallers were Auto Trader, down 36.6p to 705.6p, Rio Tinto, down 94.5p to 4,918.5p, Croda, down 92p to 4,848p, Beazley, down 12.5p to 669.5p, and Experian, down 60p to 3,442p.