Retail and telecoms sectors push FTSE forward
Optimism returned to the retail sector and telecoms stocks were in demand as the London market wrapped up a third consecutive session of gains today.
Heavyweight firms such as BT and Boots featured high among the risers on a busy day for corporate news as the FTSE 100 Index powered 13.3 points ahead to 4962.7 at the close.
BT shares lifted more than 6% after it said an excellent fourth-quarter performance had contributed to a 4% rise in pre-tax profits.
Other telecoms stocks attracted interest, with O2 ending the session in second place on the risers board as investors continued to warm to yesterday’s announcement that full-year profits had tripled.
The spotlight was on Boots in the retail sector and the health and beauty chain gained 13.5p to 610.5p after reporting a smaller-than-expected drop in annual profits and “encouraging” early signs from its business shake-up.
Retailers were also lifted by official figures showing retail sales rising by an unexpected 0.5% in April. Argos owner GUS cheered 14.5p to 880.5p, Next rose 29p to 1495p and Marks & Spencer advanced 7p to 335.25p.
Biggest risers were BT Group up 12.75p at 214p, O2 ahead 4.25p at 120.75p, Amvescap up 10.25p to 320.25p and Schroders rising 23.5p to 754p.
Biggest fallers were Tate & Lyle down 10.5p to 468p, Cadbury Schweppes weakening 10p to 536p, Imperial Tobacco falling 24p to 1494p and Gallaher shedding 12.5p to 826p.
