Afternoon trading recovery helps London markets finish higher
The FTSE 100 moved 0.31%, or 23.55 points, higher to finish at 7,638.03.
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Your support makes all the difference.Shares in London finished higher on Tuesday as they regained some ground during the afternoon session.
London’s top index edged closer towards a two-month high as it benefited from the Bank of Japan, which held firm with its ultra-loose monetary policy.
The FTSE 100 moved 0.31%, or 23.55 points higher, to finish at 7,638.03.
Chris Beauchamp, chief market analyst at IG, said: “It seems investors are determined to drive stocks higher in the week before Christmas, with no sign of profit taking in sight.
“Instead, stocks and indices around the globe continue to eke out more gains in the wake of the Fed’s pivot last week, a move given only greater impetus by the dovish tone of the Bank of Japan overnight.
“It is a long way off its own record highs, but at least the FTSE 100 has managed to keep moving higher too this week.”
Elsewhere in Europe, the other main markets were also slightly higher at the close.
The Dax index was up 0.56% at the close and the Cac 40 closed up 0.07%.
Sterling was strong after the Bank of England’s Sarah Breeden expressed concern over persistent wage pressure and said that rates would need to remain high for an extended period.
The pound was up 0.85% at 1.275 US dollars but was 0.33% higher at 1.161 euro at market close in London.
Oil made further gains due to potential disruption to energy supplies from attacks on ships in the Red Sea, after BP confirmed it was halting their shipping through the area.
A barrel of Brent crude oil was up by 1.81% to 79.36 US dollars (£62.23) as markets were closing in London.
In company news, Superdry shares fell sharply during the session after the fashion firm warned its profits will be worse than expected, blaming a tough consumer retail market and abnormally warm autumn weather.
The business has been cutting costs this year to boost profits but said on Tuesday that a warm spell across the UK and Europe during September spoiled sales for the brand, known for its jackets and hoodies.
Shares in the business struck an all-time low as a result, closing down 7.3p at 34.5p.
Bank note firm De La Rue was another faller on Tuesday despite the firm cheering better-than-expected sales for the past half-year.
Sentiment dipped after it revealed an underlying operating profit of £7.9 million for the six months to September 30, down from £9.3 million a year earlier.
Shares were 3.9p lower at 77.1p at the close.
Hipgnosis inched higher despite the troubled music rights business announced a last-minute delay to the publication of its half-year results.
The firm said it was postponing the release over concerns that its music catalogues are not being valued highly enough amid a potential sale. Shares rose 0.4p to 69.5p.
The biggest risers on the FTSE 100 were Ocado, up 38.8p to 766.8p, Fresnillo, up 21.8p to 576.8p, Anglo American, up 70.2p to 1,891.6p, Entain, up 34.8p to 1,012p, and Flutter Entertainment, up 475p to 13,920p.
The biggest fallers on the FTSE 100 were Burberry, down 31p to 1,483.5p, Beazley, down 7p to 526p, St James’s Place, down 7p to 673.8p, BT, down 1.1p to 123.55p, and Imperial Brands, down 14.5p to 1,805p.