Global markets powered to new stimulus-induced highs today as a recent flurry of action by central banks sent investors flocking to equities.
The FTSE 100 climbed 26.2 points to 6,583.5 – a level not seen for five-and-a-half years – as the prospect of more action from the European Central Bank continued to buoy stocks.
In corporate updates, Sainsbury’s slipped 15.5p to £3.81 despite meeting expectations with a 6% rise in full-year underlying profits to £756million.
In contrast to the 3% share price fall for Sainsbury’s, rival Tesco edged 5.3p higher to 375.3p and Morrisons improved 3.7p to 296.4p, ahead of its own trading update tomorrow.
Elsewhere in the retail sector, fashion chain Next rose 4.4% or £1.95 to £46.01 as the chain highlighted another period of resilient trading.
Insurer esure also rose almost 3% on its first update since joining the stock market in March. The company said gross written premiums were up 1.6% to £124.2million, with the impact of gender-neutral pricing showing early benefits for its Sheilas’ Wheels motor insurance business. The stock floated at 290p and now stands at 314.8p following a rise of 8.8p yesterday.
The biggest risers on the FTSE 100 included ITV ahead 4.1p to 128.1p, Evraz 5.2p higher to 171.4p and Amec 29p stronger at £10.51.
Among the biggest fallers on the FTSE 100 were Antofagasta down 48.5p to £9.41, Standard Chartered off 75p to £16.25 and CRH 51p lower to £13.84.
Barry Shepherd, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted Standard Life added 1.2% to 400.7p and Weir Group rose 2.7% at £22.11.
Fallers included BP which shed 1.4% to 467.05p, while Royal Bank of Scotland lost 1.5% to 285.4p and Faroe Petroleum closed 2.3% lower at £1.07.
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