London’s leading shares index steadied today as social media giant Facebook and aviation firm Boeing put an end to a disappointing run of gloomy results in the US.
The FTSE 100 Index closed 6.9 points higher at 5,804.8, ending four consecutive days of losses.
Facebook was poised for its best day since its stock market debut in May after it reported that 14% of advertising revenue came from mobile devices, allaying some investor concerns. Meanwhile, Boeing raised its profit expectations for the year.
In London, the focus was on Home Retail Group (HRG), which received a shares boost after investors cheered plans for a digital revamp at Argos.
The stock rose more than 2%, or 2.5p to 106.6p after HRG unveiled a turnaround plan for Argos and delivered interim results at the top end of expectations.
Top flight miners rose on hopes over the demand outlook, with Kazakhmys leading the sector higher – up 28.5p to £7.50.
Chip designer ARM Holdings topped the FTSE 100 risers board for a second successive session after strong third quarter results yesterday. Shares were up another 6%, or 35.5p to 675.5p.
Transport firm National Express plunged 13%, down 26.1p to 180.4p, after it failed to reassure investors despite a recent return to passenger growth at its coach business.
Sports Direct International shares were 5.1p lower at 398.9p despite the company announcing a 21.7% year-on-year jump in underlying profits for the nine weeks to September 30.
Pub group Punch Taverns lifted 2%, or 0.1p to 6.6p after it said it was to start talks aimed at restructuring its debts.
Mark Ireland, of investment manager and financial planning specialist Brewin Dolphin in Inverness, highlighted Plexus Holdings gaining 14.4% to £2.16, Johnston Press up 2.5% at 10.3p and Parkmead Group rising 1.7% to 15.4p.
British Polythene Industries slid 3.8% to £3.83, Havelock Europa shed 3.5% at 13.8p and Amec fell 2.9% to £10.49.
Recommended for you
