FTSE 100 close: Blue chip index ends higher as disappointing retail sales figures fail to dent JD Sports, Frasers and Burberry
London’s FTSE 100 index closed the week marginally higher, clawing back some some of this year’s earlier gains following a poor performance yesterday.
The capital’s premier index climbed 0.3 per cent to 7,770.59 points, while the domestically-focused mid-cap FTSE 250 index rose 0.7 per cent to close at 19,702.63.
JD Sports, Frasers and Burberry were among the top performers of the day, rising 3.0 per cent, 2.9 per cent and 2.6 per cent respectively, despite disappointing retail figures published this morning.
Overall retail sales volumes fell one per cent in December with the festive period doing little to improve consumer spending.
According to ONS data, non-food sales fell 2.1 per cent as customers continue to cut back on spending in the face of soaring inflation.
SSE also performed well on the FTSE 100, gaining 2.7 per cent, as it continues to benefit from the surge in energy prices.
The Perth-based energy company raised its profit guidance by more than 50 per cent after a strong performance from its gas plants and storage sites more than offset a disappointing showing from renewables.
At the other end of the index Hargreaves Lansdown and Melrose Industries lost 2.5 per cent and 2.4 per cent respectively.
On the FTSE 250 Close Brothers lost 11 per cent following the announcement it was to set aside an additional £90m in its 2023 financial statements against bad loans from legal-finance specialist Novitas Loans.
The merchant banking group said Novitas was reviewing its options regarding cases it is funding which “now have limited prospects of successfully progressing through the courts”.
The pound fell 0.1 per cent against the US dollar to trade at 1.2375 at the market close, dented by the poor consumer spending figures which indicate the economy is struggling.