FTSE 100 led higher by retailers

Britain's leading share index jumped higher as retailers led the charge upwards, with the session closing on 5880, a rise of 1.47 per cent.

Chris Bradshaw
shareprices.com - Friday, March 25, 2011

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The FTSE 100 sailed past concerns over the resignation of the Portuguese Prime Minister and the impending rescue package which many experts feel is now inevitable. Ongoing unrest in Libya also failed to affect sentiment in a market buoyed strong results in the retail sector.

Kingfisher was one of the top risers of the day, as it announced profits were around 23 per cent higher than forecast, with strong results right across the group which includes DIY giants B&Q. The announcement led to a significant drive for the group, with the price increasing by a whopping 7.22 per cent.

Retail peers also performed well with Home Retail climbing by 1.87 per cent and Next soaring by 3.97 per cent as it announced pre-tax profits increasing by 9 per cent. Marks and Spencers and Primark-owner AB Foods also joined the queue of retailers having a good day with increases of 3.97 and 2.30 per cent respectively.

The bankers had a muted day of trading but bearing in mind the news coming from the continent, rises were higher than expected. HSBC was one of the top performers with an increase of 2.47 per cent whereas Barclays and Royal Bank of Scotland climbed 1.27 and 1.11 per cent each.

On the flip side, the big faller of the day was Invensys, shedding 4.5 per cent over news that its chief executive Olf Henrikkson had left his position.

 

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