Retailers enjoyed a strong run today as the “Black Friday” rush in the US brought the industry into focus, helping the FTSE 100 Index close its strongest week of the year.
London’s leading share index was 28.1 points higher at 5,819.1 as optimism over the start of the US holiday shopping season, known as Black Friday because it signals the period in which many retailers turn profitable, filtered across the Atlantic.
The FTSE 100 has seen the biggest rise in points this week, 213.6, since the week ending December 2 last year, gaining £54.1billion in value.
B&Q parent Kingfisher, which updates on trading next week, rose 3.7p to 280.7p, Marks & Spencer added 2.7p to 380.7p, while Argos parent Home Retail Group moved 2.8p higher to 109.7p in the FTSE 250 Index.
Shares in London Pride brewer Fuller, Smith & Turner were also up after it toasted an Olympics sales hike and said it hoped the Games would provide an “enduring boost”. Its shares were up 24p to 750p.
The biggest FTSE 100 risers were GKN up 4p at 218.4p, IMI ahead 17p at £10.17, Johnson Matthey up 37p at £23.26 and Evraz ahead 3.8p at 241.1p.
The biggest FTSE 100 fallers were Polymetal International down 9p at £10.99, Morrisons down 1.7p at 261.7p, Standard Chartered down 7p at 1,437.5p and Pennon Group off 2p at 605p.
Carrie Keenan, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that risers included energy services firm Hunting, which gained 1.1% to 773.25p, Aberdeen Asset Management added 1.3% to 342.7p and Petrofac closed 1.5% higher at £16.30.
Fallers included Cairn Energy, off 0.1% at 266.9p, and Faroe Petroleum which finished 1.4% down at 138.75p.