Closing post
As City investors celebrate the FTSE 100’s best week in seven months, it’s time to wrap up.
Here’s today’s main stories so far…
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FTSE 100 ends 'fantstic week' at new closing high
Newsflash: Britain’s FTSE 100 share index has ended a dramatic week at a new record high.
The Footsie has finished today’s session at a new closing high of 8139 points, up 61 points or 0.75% today. It had earlier hit a fresh intraday high of 8146.79 points.
This wraps up a string of record intraday and closing highs this week; ironically, given concerns that the London stock market was loosing its alure as some companies eye a shift to New York and others face takeover approaches.
For the week, the FTSE 100 gained 3% – a decent score, for an index which has lagged international rivals in recent years.
Indeed, it’s the best week for the FTSE 100 since last September.
Russ Mould, investment director at AJ Bell, says:
“What a fantastic week for the FTSE 100. We’ve had new record highs, yet more takeover action, and everyone is talking about UK stocks in a positive way which hasn’t been seen for ages.
There was no stopping the blue-chip index on Friday as NatWest’s results went down well and we saw gains across most of the market. The breadth of sectors moving higher suggests investor sentiment continues to improve.”
NatWest bank led the risers today, gaining 6% after reporting higher profits than expected for the first quarter of the year.
Industrial equipment rental firm Ashtead was the second-highest rise, up Y after HSBC analysts raised their rating.
They were followed by Anglo American, which gained another 3.8% today after slapping down rival BHP Group’s takeover offer this morning. Traders clearly suspect a higher bid will be needed, or that other suiters could enter the ring….
Relief that Alphabet and Microsoft posted strong results last night have also cheered investors in Europe today.
Kathleen Brooks, research director at XTB, reckons the FTSE 100 may have further to climb, She says:
We think that there is a psychological shift going on in the mind of international investors, and they are starting to warm to UK stocks. There is a dual boom going on in the global economy right now: AI/ tech and commodities.
The UK index may be light on tech, but it has a lot of exposure to miners and energy companies. Copper hit $10,000 a tonne on Friday, and commodities have had a strong run so far this year.
The FTSE 250 index of medium-sized shares jumped 1.1% today, led by Darktrace wihich gained 16% after agreeing a $5.3bn (£4.2bn) sale to US private equity business Thoma Bravo.
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