The London market finished the week on a high note today after a surprise drop in the US unemployment rate boosted investor confidence.
The FTSE 100 Index rose 43.2 points to 5,871 after data showed the US unemployment rate fell to 7.8% in September – its lowest level since President Barack Obama’s took office and a key result ahead of the US presidential elections.
In a session devoid of major corporate news, the improved sentiment helped riskier assets such as miners.
Eurasian Natural Resources topped the FTSE 100 with a rise of 6% or 18.6p to 333.3p, while Kazakhmys added 31.5p to 738p and Vedanta Resources lifted 36p to £11.01, a rise of 3%.
Barclays was the best performing banking stock, rising 5.3p to 227.9p, but Lloyds Banking Group was in the red with a fall of 0.2p to 37.8p.
FirstGroup continued to suffer after having the carpet pulled from under its feet when the Department for Transport scrapped its award of the West Coast main line franchise to the transport group. Shares were down 4.5p at 196.1p.
Supermarket giant Tesco continued its depressed run, sliding another 1%, after revealing its first fall in profits since 1994 earlier this week – a 12% drop to £1.7billion. Shares fell a further 2.8p to 315.4p.
The biggest Footsie risers included Evraz up 9p at 254.1p and Rexam ahead 16p at 456.5p.
Among the biggest Footsie fallers were Old Mutual down 4.7p at 172.4p, BAE Systems off 5.3p at 328.1p, Johnson Matthey down 30p at £23.39 and BG Group off 14.5p at 1,300.5p.
Steven McKay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, reported that Parkmead closed the day 5.21% stronger at 12.5p, Bridge Energy added 5.2% to 131.5p and Hunting moved 3.39% higher to finish at 857p.
On the faller’s board, Faroe Petroleum moved 0.66% lower to close at 150.125p.