Hopes of an imminent bailout deal for debt-laden Cyprus steadied losses on world markets today as the country said it was just hours away from agreeing a solution.
London’s FTSE 100 Index closed 4.2 points higher at 6,392.8, while the Dax in Germany and the Cac 40 in France both regained their poise after hefty losses on Thursday.
BP also helped prop up the London market as it rose 2% or 8.3p to 457.7p after it said it would return £5.3billion to shareholders.
BT Group topped the risers board, up 10.4p to 276.7p, after Nomura lifted its price target on the stock amid hopes for an easing in its regulatory burden.
Burberry shares were 4% or 57p lower at £13.30 after rival luxury brand Mulberry issued a profits warning on the back of disappointing trading over the last 10 weeks. Mulberry slumped 211p to £10.24, a fall of 17%.
The market also welcomed another newcomer after insurer esure joined Direct Line, Countrywide and Crest Nicholson as another high-profile listing. Shares in the owner of Sheilas’ Wheels and half of comparison website Go Compare were priced near the top end of hopes at 290p, valuing the firm at £1.2billion. They later climbed to 307p in conditional dealings.
The biggest FTSE risers included AstraZeneca ahead 103p at £32.36, Sainsbury’s 7.6p higher at 375.5p and Marks & Spencer up 7.6p at 397.6p.
Among the biggest FTSE 100 fallers were Petrofac off 55p to £14.46, Eurasian Natural Resources 9p lower at 285.3p and Evraz down 6p to 225.5p.
Elaine McLachlan, of investment manager and financial planning specialist Brewin Dolphin in Inverness, noted that risers included A.G. Barr up 6% at 559.8p, Devro gaining 3.3% to 361.5p and Havelock Europa up 2% to 18.8p.
Fallers included Quayle Munro 4.4% lower at 600p and Xcite Energy off 3.2% at 120.4p.