MARKET REPORT

THE FTSE 100 rose yesterday as investors grew bullish on the latest round of trade talks between the US and China.

London’s top index closed 57.93 points, or 0.82%, higher at 7,129.11.

Meanwhile the pound weakened flowing sluggish economic data. The economy grew 0.3% in the final quarter last year and 1.4% on an annual basis – its lowest pace of growth since 2012. Sterling was down 0.66% against the dollar at 1.286 at market close.

In corporate news, the Competition & Markets Authority extended the deadline for its decision on the proposed merger between Sainsbury’s and Asda to April 30, citing the scope and complexity of the deal. Shares closed up 2p to 293.9p.

Petrofac is facing a £400m payout to investors amid legal action linked to an alleged bribery scandal at the oil services firm. Litigation funder Innsworth and law firm Keystone said they are analysing potential claims and putting together a group of shareholders to launch action against Petrofac. Shares rose 5.5p to 388.5p.

Just Eat was again criticised by shareholder Cat Rock Capital over recent board appointments and has been ordered to seek a merger. Cat Rock, which owns 2% of the food delivery firm, urged it an open letter to merge with a “well-run industry peer”. Shares grew 26.8p to 730.8p.

The biggest risers on the FTSE 100 were TUI up 44.8p to 958.2p, Smurfit Kappa up 84p to 2,232p, Ocado up 35p to 939.4p, and Just Eat up 26.8p to 730.8p.

The biggest fallers were Antofagasta down 31p to 840.4p, Smith & Nephew down 45.5p to 1,469.5p, Anglo American down 22.2p to 1,912.6p, and GlaxoSmithKline down 14.8p to 1,550p.