FTSE finishes week on a high
The London market finished the week in good form after economic news pointed to an interest rate hold next week.
The FTSE 100 Index lost some of its earlier shine after US jobs data came in lower than expected, but kept its poise to stand 19.6 points ahead at 4914 by the close.
Weak retail and house price data this week led analysts to predict that the Bank of England would keep rates at 4.75% on Thursday, which buoyed the markets ahead of the weekend.
However, there was little to brighten the mood from across the Atlantic, where figures showed that US employers added 110,000 workers in March, barely half the number expected,
Lower hiring suggests incomes may be slow to rise, threatening the consumer spending that bolsters the economy.
The Dow Jones Industrial Average fell in sympathy, losing 48 points to 10455 shortly after the end of trading in London.
The Footsie’s improvement came amid low trading volumes, while the end of a rash of stocks going ex-dividend helped keep it on track.
Oil giants BP and Shell – accounting for a large chunk of the value of the Footsie – were both in positive territory after a report from Goldman Sachs warned the cost of crude could surge as high as $105 a barrel.
BP lifted by nearly 1%, up 3.5p at 552p, while Shell was ahead 0.5p at 475.5p.
The day’s biggest risers were Rentokil up 5.25p to 167.25p, Gallaher gaining 20.5p to 775.5p, BAE Systems adding 6.5p to 266p and Corus advancing 1.25p to 55.25p.
Biggest fallers included Reed Elsevier, down 9p to 539.5p, BSkyB off 8p at 572.5p, Centrica losing 2.75p to 228p and Cadbury Schweppes weakening 5p to 525.5p.
