Shares rise in London helped by gold prices and share buybacks
The FTSE 100 avoided the drop seen by its European peers.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The FTSE 100 came back into winning territory on Thursday after being caught out the day before for the first time in a week.
Trading marginally higher than its European peers, the index posted a 0.1% rise, gaining 6.75 points to end the day at 7,467.38.
“European markets have struggled for direction today, caught in a corridor of uncertainty just below recent highs, as the various meetings of Nato, EU and G7 leaders gets under way in Brussels,” said CMC Markets analyst Michael Hewson.
“The tone of the various meetings was uncompromising, with Nato agreeing to boost its deployments to the eastern borders of the Nato alliance, while warning President Putin against deploying chemical or other weapons of mass destruction.
“The US also announced a raft of new sanctions on up to 400 high-profile Russians.”
Fresnillo was one of the day’s best performers on the FTSE after gold prices edged higher, while M&G jumped after the financial firm said it would buy back shares for half-a-billion pounds.
Meanwhile Next’s shares fell towards the bottom of the pile after its full-year results left shareholders cold.
The main reason for the decline, Mr Hewson said, was the downward revision that the retailer made to its 2023 profits and revenue.
“The downgrade is mainly down to the closure of its websites in Ukraine and Russia, as well as the prospect of lower sales prospects due to the rising cost of living,” he said.
In the US the S&P 500 was trading up 0.8% when markets closed in Europe while its Wall Street cousin Dow Jones was up 0.6%.
The Dax in Germany closed down 0.1% while Paris’s Cac 40 dropped 0.4%.
Oil prices were down, with Brent crude trading at 119.77 dollars per barrel, down 1.5%.
In company news, the boss of retailer McColl’s stepped down from the business, which employs 16,000 people.
The under-pressure company said that Jonathan Miller has stepped down. He spent six years leading the business and has a 30-year career with the convenience store chain.
The biggest risers on the FTSE 100 were Fresnillo, up 41.6p to 767.6p, Airtel Africa, up 4.5p to 155.5p, M&G, up 5.3p to 211.5p, British American Tobacco, up 71p to 3,262p, and Hikma, up 43p to 336.6p.
The biggest fallers on the FTSE 100 were Next, down 208p to 6,176p, Ferguson, down 365p to 10,860p, Schroders, down 102p to 3,150p, JD Sports, down 4p to 147.65p, and Melrose Industries, down 3p to 125.5p.