Around £10.8billion was added to the value of UK blue chips today as London’s FTSE 100 Index leapt to its highest level for nearly two years.
Encouraging US job figures helped overshadow fears over the UK economy, sending the top flight another 42.5 points higher to 6,089.8 – a level not seen since February 2011.
The gain came despite falls for mining stocks, with Randgold Resources off £2.55 at £59.75 and Fresnillo down 75p at £18.10.
BP was top of the FTSE 100 risers board – up 11.8p to 453.5p – after the owner of the Deepwater Horizon drilling rig that exploded in the Gulf of Mexico in 2010, killing 11 workers, shared some of the responsibility for the disaster by agreeing an £870million settlement with the US authorities.
Strong gains were also made by Hargreaves Lansdown ahead 17p to £7.21, Burberry 29p higher at £12.90 and Schroders up 39p to £18.02.
Fallers included Polymetal International 45p lower at £11.74 and Marks and Spencer (M&S) down 12p to 376.4p.
M&S was one of a number of retailers on the back foot ahead of a busy week of Christmas trading updates.
Supermarket chains Sainsbury’s and Tesco, which also report next week, were down 2.8p to 333.8p and 0.6p to 349.5p respectively.
Barry Shepherd, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted Royal Dutch Shell adding 1.1% to 2219.5p, Stagecoach Group gaining 1.2% to 319.7p and Parkmead Group 3.3% higher at 15.25p.
Premier Oil lost 1.2% to 349.3p and Plexus Holdings fell 4.8% to 251.375p.