A much better trading day with the FTSE 100 ending at 7,470.71, up 0.46%. London was helped by solid rises from oil and miners including Anglo American and Rio Tinto, up 2.44% and 2.13% respectively. The biggest faller was Smiths Group, down -2.76% to 1,584p.
Stock gains were helped by a slow news day Stateside – some stabilisation of sentiment. In the US both the Dow and S&P 500 put on weight as well as the Nasdaq.
Sterling ended the week almost 1% higher against the dollar. However sterling’s climb is less impressive against the euro at 1.643 (4pm), down around 0.2%. So the pound’s apparent strength needs some caution.
- UK FTSE 100 7,470.71, +0.46%
- Dow 20,777.54 +0.55%
- S&P 500 2,382.35 +0.70%
- Nasdaq 6,097.41 +0.70%
- DAX 30 12,635.68 +0.36%
- CAC 40 5,318.92 +0.55%
- Gold 1,252.70 -0.01%
- Oil WTI 50.35 +2.01
UK export boost - CBI
However British businesses have taken advantage of sterling’s recent weakness: the CBI claims that out of a survey of 432 manufacturers, many order books are at their highest level since February 2015.
“Robust demand at both home and abroad,” said CBI chief economist Rain Newton-Smith, “is reflected in strong order books, and output is picking up the pace. On the other side of the coin though, we have mounting cost pressures and expectations for factory-gate price rises are running high."