FTSE opens on positive note
A fall in oil prices and a positive close to trading in New York helped the London market achieve further gains today.
The FTSE 100 Index built on last night’s month-long closing high to improve by 13.1 points to 4990.1 in the first hour of business.
New York traders set the pace last night with the tech-laden Nasdaq cheering by 1% and the Dow Jones Industrial Average ticking up 60 points.
As well as an easing in the oil price, analysts said the rise reflected hopes for a positive earnings season in the coming weeks.
Corporate newsflow in London was limited, although Boots rose more than 2% as investors speculated that a sale of its healthcare arm could lead to a private equity bid for the whole of the health and beauty retailer.
With the City also digesting yesterday’s promise of a return of cash to shareholders, the stock topped the Footsie risers board, up 14p at 629.5p.
Among beneficiaries of the lower oil price, British Airways rose 4.5p to 274.75p and cruise ship operator lifted 45p to 2926p.
Elsewhere, tea and coffee retailer Whittard of Chelsea slumped 26p to 105p after it said sales had come sharply off the boil as shoppers proved reluctant to spend over Easter.
