FTSE 100 close: Index breaks key barrier
London's FTSE 100 index smashed through the key 5,000 barrier this afternoon as confidence continued to lift across world markets.
At 15.15 the Footsie breached the 5,000 threshold – up 53 at 5001 and despite a subsequent fall, it eventually closed at 5004.3, up 57 points, or 1.2% on the day.
Mounting economic optimism helped offset earlier falls, with news of improvements in consumer confidence and the jobs market adding to the general cheer.
Leading the charge was British Airways, up 10p or 5% to 211p, adding to gains yesterday on upbeat comments from rival Air France, while Thomas Cook, finished 10.8p better at 245p.
Energy groups, were also pushing up the leaderboard, with BG Group 40p dearer at 1,095p and Cairn Energy, up 105p to 2,620p.
Banks and insurers were among those making gains. Barclays added 11.2p to 366.7p while Standard Life firmed 4.3p to 197.4p and Prudential added 12.5p to 557p.
But miners dominated the fallers board, following strong increases seen earlier in the week. Those on the way down included Randgold Resources, off 82p to 4272p, after gold prices retreated below the 1,000 dollars an ounce barrier. But it was Lonmin topping the fallers board, down 48p or 3%, to 1664p following a broker downgrade.
Buying interest in London was also focused on smaller stocks after a number of upbeat trading statements from the retail sector.
Sports Direct International, which owns the Sports World chain, rose 11% or 13.4p to 130.1p after it raised its annual earnings forecast and said sales continued to be ahead of last year.
Thorntons also did well, up 17% or 15.5p to 108p as the chocolate retailer reported a less-than-feared 25.8% fall in annual underlying pre-tax profits to £6.3m and a pick up in sales over the second half.
And Laura Ashley shares were 20% higher, or 3.25p to 19.5p, after its chairman reported a strong start to the second half of its financial year.
Meanwhile, debt-laden directories firm Yell continued its recovery from record lows seen earlier this year. Shares plunged to 11.75p in the summer, but now stand at 78.2p amid hopes the company can secure a long-term funding agreement with its banks. Today's gain added 13.2p or 20%.
Leisure group Whitbread failed to rally on the back of news it is expected to regain its blue chip status in the next reshuffle of the FTSE 100 Index.
An 18% surge in its share price on Monday was decisive in securing a top flight berth, as the FTSE calculates membership based on last night's closing prices. The reshuffle takes place in a few days time, but in the meantime Whitbread shares were 26p lower at 1232p.
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