The FTSE 100 finished the week on a quiet note after five days of gains
Traders found inspiration in Imperial Tobacco
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.Investors completed a clean sweep of gains this week as the Footsie rose for five consecutive days.
The FTSE 100 finished the week on a quiet note with little to inspire big bets, but still ended 4.7 points higher at 6,334.63.
The attacks in Paris did little to rattle City traders as the blue-chip index marched more than 200 points higher over the course of the week. IG analyst Joshua Mahony said: “Despite the anxiety and initial risk-off sentiment seen early on Monday, markets are typically very resilient to the threat posed by terrorism.”
Defence shares were the order of the week in the wake of the attacks, with threats of a repeat around Europe bolstering demand.
BAE Systems, up 7.9p yesterday to 492p after Investec upgraded its rating from sell to buy, racked up an impressive 8.5 per cent rise this week. Cobham, up 1.7p yesterday to 291.8p, also rose 8.5 per cent over the week, while Smiths Group, 12p better off yesterday at 1,018p, gained almost 10 per in five days.
On the flip side, travel shares took a hit, with EasyJet, down another 29p yesterday to 1,685p, and British Airways owner IAG down 5.5p to 577p.
On a quiet day for the stock market, traders found inspiration in Imperial Tobacco – a favourite of the City’s gossip-mongers. Renewed speculation that it will be sucked up by British American Tobacco, 9.5p richer at 3,870p, sent Imperial’s shares close to record highs, up 61p to 3,553p, with its larger rival rumoured to be putting together financing before launching a mammoth bid.
Investors raised a glass to Diageo, the maker of Smirnoff vodka, which flowed 25.5p higher to 1,928p as broker JPMorgan lifted its target price to 2,140p. The shares have been on a tear since August on hopes it can join the wave of deal-making in the sector that has already engulfed SABMiller.
G4S slid 6.8p to 219p after Credit Suisse cut its rating to neutral, compounding the security giant’s recent misery.
Meanwhile, AIM-listed AquaBounty Technologies leapt 22.5p to 37p as the US Food and Drug Administration gave its genetically modified salmon the all-clear.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments