Footsie firmly about 4,000 mark
The FTSE 100 Index appeared to have planted itself firmly above the 4,000 barrier today as a string of solid company results helped lift the mood.
Retailers, media companies and financial stocks were on the rise as London’s benchmark index reached mid-morning 57.7 points higher at 4,050.5.
Shares were also boosted by the knock-on effects of improved sentiment across the Atlantic where the Dow Jones Industrial Average closed almost 180 points higher overnight after better-than-expected economic data.
With only a clutch of shares in negative territory, retailers and media firms were vying for poll position on the risers board.
Argos and Homebase owner GUS gave retailers a welcome boost as it beat expectations with a 16% rise in profits. Shares climbed 11p to 639p.
Meanwhile Comet and B&Q owner Kingfisher was carried 4% or 9.75p higher to 267p and Boots cheered 15.5p at 629p. But high street chain Next failed to cash in – one of the few FTSE 100 fallers, down 10p at 989.5p.
In the media sector, magazines and radio group Emap put on 19p to reach 837p after seeing underlying profits rise 16% in the face of difficult conditions in the advertising sector.
Meanwhile ITV firm Granada neared the top of the FTSE 100 risers board up 4% or 3.25p at 86.25p while Financial Times owner Pearson lifted 16.25p to 5487p, Reuters climbed 2p to 176p and advertiser WPP gained 16.25p at 488p.
Among financial stocks Friends Provident was riding high, up 3.75p at 111.5p, Norwich Union owner Aviva climbed 12p to 438p, Prudential gained 10p at 371.75p and Barclays led the big high street banking names up 10.75p at 427.75p.
There was also a strong showing for Northern Rock which climbed 19.5p to 728p after an upbeat trading statement.
