FTSE moves up thanks to US momentum
Positive momentum from across the Atlantic was helping the London market make strong progress today.
The FTSE 100 Index pushed aside fears over soaring oil prices to climb 19.7 points higher to 4374.7 by mid-morning.
It came after an encouraging performance from the Dow Jones Industrial Average, which returned above the key 10,000 barrier overnight.
In London, a shortage of corporate news meant there was little reason for stocks to move into the red.
The improved mood was seen across a range of sectors with Friends Provident, up 1.75p at 130.75p, and Royal Bank of Scotland – 21p higher at 1523p – among the financial stocks in positive territory.
Record crude prices helped oil giant Shell made progress – up 2.25p at 397.5p - although rival BP moved 3.5p lower to 487p.
Gambling-based stocks were benefiting from an upbeat note on the sector from Goldman Sachs.
William Hill was second on the Footsie risers board with a gain of 13.5p to 529.5p and Ladbrokes owner Hilton added 3.25p to stand at 260.5p.
But retailers were in the doldrums after official figures showed retail sales slowed for the first time in more than a year last month.
The Office for National Statistics (ONS) said sales volumes fell 0.4% between June and July – slightly worse than City expectations – after poor weather hit sales of clothing.
High street giant Next weakened 7p to 1493p and Marks & Spencer retreated half a penny to 349.5p.
Elsewhere, FTSE 250 company JJB Sports was also down as it warned profits would be 20% down on City hopes after wet weather affected like-for-like sales.
JJB fell 13% or 28p to 188.5p while JD Sports owner John David Group fell 15.5p to 169p, a decline of 8%.
