FTSE is far from record levels but gaining ground

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London’s main index continued to recover from the three-month lows it hit earlier this week to end with a convincing performance on Friday.

As the Nasdaq in New York hit a new high, the FTSE-100 has rebounded, although it remains over 150 points from its recent highs, and is far from setting any records.

The index was pushed higher by news from NatWest and Vodafone, but was held back by mining giants Fresnillo and Polymetal.

He finished the day up 59.28 points to 7,027.58.

The 0.9% increase put the index behind its European counterparts. The Frankfurt Dax closed up 1%, while the Paris Cac gained 1.4%.

But the FTSE-100 remained ahead of New York indexes, with the Dow Jones up 0.6% and the S&P 500 up 0.8%.

Chris Beauchamp, analyst at IG, said: “The rally after Monday shows no signs of slowing down, and stocks seem rather determined to move forward into the weekend and beyond. Monday’s sell-off appears to be a moment of brief panic, and although it was short-lived, it was enough, it seems, to reset sentiment and activity and cause a resurgence of bullish momentum.

NatWest dominated the FTSE-100 for much of the day on news that it had accelerated its exit from Ireland with a deal to sell much of its loan portfolio to an Irish bank. The deal, which is still not binding, will allow it to get rid of billions of pounds in loans.

Stocks ended up 2.5%, giving up some of their gains just before markets closed.

Vodafone reported sales of 11.1 billion euros (£ 9.5 billion) for the first three months of the fiscal year.

“Today’s winners were also largely driven by earnings, led by the telecommunications sector as Vodafone reported first quarter revenues well above expectations,” CMC Markets analyst Michael Hewson said yesterday.

“The lack of travel meant that roaming income was still low, but this should improve over time, and this is not a problem unique to Vodafone. The company said it was on track to meet its EBITDA (earnings before interest, taxes, depreciation and amortization) target for the full year. ”

Vodafone stock rose 2.4%.

Elsewhere, Premier Foods, which manufactures Ambrosia, Sharwoods and Mr Kiplings, reported a “very encouraging” start to the year with sales up 6.3% compared to the same period before Covid. Shares rose 4.8%.

Ted Baker saw his shares fall 1.1% after announcing he would move his offices to a £ 900,000-a-year building in Westminster.

Biggest amounts in the FTSE 100 were Intermediate Capital Group, up 58p to 2238p, Just Eat Takeaway.com, up 154p to 6102p, 3i Group, up 32.5p to 1295.5p, Burberry, up from 52p to 2105p, and Natwest Group, up 4.9p to 199.1p. The biggest drops were Fresnillo, down 12.8p to 745.2p, United Utilities, down 1.92p to 168.46p, Polymetal, down 14.5p to 1520p, Flutter Entertainment, down 110p to 12875p, and Sainsbury’s, down 1.6p to 279.1p.


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