Retailers help FTSE climb to new heights

Market report Emma Newlands

London’s top-flight index secured a fresh alltime high as investors cheered a sparkling festive performance from a host of retailers.

The FTSE 100 Index closed up 17.49 points to 7,748.51, maintaining its upward march and beating the previous session’s record of 7,731.02.

Retailers proved the driving forced behind the rise, with supermarket giant Sainsbury’s climbing 2 per cent after chalking up its bestever sales over the festive period. Shares in Britain’s second-biggest supermarket were up 5.5p to 253.9p following the 1.1 per cent rise in likefor-like sales over the 15 weeks to 6 January.

On the currency markets, the pound was down 0.2 per cent versus the US dollar at $1.35 after a disappointing update on Britain’s trade deficit. Sterling was also 0.4 per cent lower versus the euro at €1.129.

In UK stocks, Marks & Spencer’s boardroom reshuffle proved popular with investors, causing shares to rise 5.7p to 324p. The high-street bellwether has poached Dixons Carphone executive Humphrey Singer as its new finance boss.

On the second tier, fashion chain Superdry was the biggest faller despite notching up strong Christmas sales. It saw like-for-like retail sales climb 4.7 per cent for the ten weeks to 6 January.

The biggest risers on the FTSE 100 included Royal Bank of Scotland Group, up 12.9p at 293.4p, HSBC Holdings, up 29.2p at 795.5p, and Standard Chartered, up 25.9p at 818.7p.

The biggest fallers included Taylor Wimpey, down 8.7p to 200.2p, Paddy Power Betfair, down 325p to 8,475p, and Rolls-royce Holdings, down 27.8p at 839p. The fashion chain was biggest riser on the second tier after seeing a 9 per cent yearon-year jump in retail sales for the eight weeks to 6 January. The menswear retailer slumped after warning over profits, following a “very tough” December, and forecasting an “extremely challenging” year.