The FTSE 100 Index closed at its highest level since May 2008 today despite only making a small gain.
The benchmark index closed 2.9 points higher at 6,101.5 after European Central Bank chief Mario Draghi said the region was poised to start growing again.
There were contrasting fortunes for retail giants Marks & Spencer and Tesco however, as their shares moved in opposite directions following closely-watched Christmas updates.
M&S shares were down more than 4% at one stage after it disclosed poor sales in clothing, but Tesco lifted 2% to 355.4p as its performance in the UK suggested the turnaround plans of chief executive Philip Clarke were taking shape.
Marks & Spencer investors have been kept waiting for signs of a turnaround and shares closed 1% lower, off 2.2p at 368.8p.
Primark owner Associated British Foods was shaken by the poor M&S update, with shares down 26p at £15.20, but Next added 24p to £39.25 after its sales figures impressed the City last week.
The biggest FTSE 100 risers were ARM Holdings up 36.5p to 863.5p, Bunzl ahead 34p to £10.49, Melrose Industries 6.6p higher at 241.1p and Wood Group up 20.5p to 794.5p.
The biggest FTSE 100 fallers included Intertek Group down 60p to £31, Aviva 5.7p lower at 368p and ITV down 1.6p to 107.7p.
Elaine McLachlan, of investment manager and financial planning specialist Brewin Dolphin in Inverness, noted that the day’s risers included Celtic Football Club up 15.9% at 65.5p, while Havelock Europa closed 10.1% higher at 15.25p.
Fallers included Parkmead off 4.6% at 15.5p and Xcite Energy down 3.1% at 102.38p.
Recommended for you
