FTSE 100 edges towards record levels after further gains
London’s top index ended the day up 16 points, or 0.2%, at 7,860.07.
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Your support makes all the difference.The FTSE 100 inched closer towards record levels on Monday but stopped short of an all-time high as progress continued at a glacial rate amid the absence of US trading.
Trading in London was cautious but still continued its positive run as further declines in natural gas and crude oil prices helped support trading.
London’s top index ended the day up 16 points, or 0.2%, at 7,860.07.
The travel and leisure sector has been a strong performer since the start of the year, and once again it's out in front leading the gainers today on the mid-cap index, with easyJet and Carnival helping to lead the way
Michael Hewson, chief market analyst at CMC Markets UK, said: “UK markets have once again looked resilient, with the FTSE 100 once again looking to push higher towards its previous record high at 7,903.
“The FTSE 250 has also had a positive day, pushing above the 20k level for the first time since mid-August.
“The travel and leisure sector has been a strong performer since the start of the year, and once again it’s out in front leading the gainers today on the mid-cap index, with easyJet and Carnival helping to lead the way.”
Europe’s other major markets also climbed in response to European natural gas prices dropping to 16-month lows.
The Dax improved 0.31% by the end of the session and the French Cac finished 0.28% higher.
Across the Atlantic, the US markets were closed for Martin Luther King Day, helping to add to the largely subdued tone across the day’s trading.
Meanwhile, sterling was nervy ahead of a key week of economic updates, including UK unemployment and inflation data.
The pound was down 0.10% against the dollar at 1.221 and was just 0.01% lower against the euro at 1.128 at the close.
In company news, Marks & Spencer shares made gains after the high street bellwether announced plans to ramp up its store overhaul with aims to open 20 new shops across the UK in a move that will create more than 3,400 jobs.
The group said that over the next financial year, it will open eight full-line stores in shopping centres such as the Bullring in Birmingham and the Trafford Centre in Manchester, as well in as retail parks and high streets across key cities.
Investors welcomed the growth plans, sending shares up 4.2p to 150.1p at the close.
Elsewhere, guarantor lender Amigo tumbled after it said it is struggling to convince investors to help pay off what it owes to customers mis-sold loans they could not afford.
The troubled firm said it has not managed to find a so-called “cornerstone” investor to help it raise £15 million for customers, blaming the “economic backdrop”.
As a result, shares in the company dropped by 0.96p to 2.94p on Monday.
Sainsbury’s improved by 2.3p to 243.3p at the close after launching a new grocery delivery partnership with Just Eat.
The price of oil pulled back after significant gains last week driven by the relaxation of Covid-19 rules in China.
Brent crude oil decreased by 1.17% to 83.83 US dollars (£68.71) per barrel when the London markets closed.
The biggest risers on the FTSE 100 were Ocado, up 39.8p at 808p, Spirax-Sarco, up 310p at 11,760p, BT, up 3.3p at 130.3p, Prudential, up 32.5p at 1,325.5p, and Taylor Wimpey, up 2.6p at 117.35p.
The biggest fallers of the session were Beazley, down 24p at 633.5p, Rio Tinto, down 123p at 6,096p, Rolls-Royce, down 1.6p at 107.16p, Johnson Matthey, down 28p at 2,190p, and National Grid, down 11p at 1,022p.