MARKET REPORT

THE FTSE 100 made meagre gains on Thursday as markets across the globe found trading sluggish ahead of the US Federal Reserve meeting.

London’s top flight index closed the day up 23.4 points, or 0.33%, at 7,140.68.

The rise came as its European peers stumbled in anticipation of the US Federal Reserve policy meeting, where it is expected that interest rates will be held steady.

In stocks, Burberry shares were up after the luxury fashion brand said its transformation plan is on track to deliver cost savings of £100m this year, as it hailed an “exceptional” reception for its new head designer.

Cumulative cost savings reached £80m, with the group confirming a goal for the full year of £100m.

Adjusted operating profit fell by 4% on a reported basis but was up 8% at constant currency. Comparable store sales rose 3% in the first half, as new creative director Riccardo Tisci took the helm.

Shares closed up 48.5p at 1,864.5p.

The pound, meanwhile, had a relatively uneventful day, closing down slightly versus the US dollar at 1.311 and flat against the euro at 1.149. In Europe, Germany’s DAX was down 0.45% while France’s CAC was 0.13% lower. A barrel of Brent crude was trading at $71.2, down 1%.

The biggest risers on the FTSE 100 were up 116p at 2,376p,

up 236p at 6,093p, up 11.4p at 312.3p and up 38.5p at 1,294p. The biggest fallers on the FTSE 100 were down 15.3p at 529p, down 155p at 6,675p, down 11.4p at down 16.8p 551.4p and at 873.4p.