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FTSE shrugs off mixed US and China news [Herald, The (Scotland)](Herald, The (Scotland) Via Acquire Media NewsEdge) The FTSE 100 Index continued its upward march as it shrugged off mixed economic news from the United States and China. Chinese retail sales met expectations but were short of last year's performance, and industrial production figures were below forecast. But while US firms also kept stock inventories in check, separate figures showed sales in America's vast consumer sector strengthened in April. That was enough to push the London market to its eighth consecutive day of gains, rising 6.8 points to 6631.8. Global markets were less upbeat, with the Dow Jones Industrial Average starting out in negative territory after the US data pointed to uncertainty around business investment. The Dax in Germany ended flat, while the Cac 40 in France was marginally lower. Sterling struggled against a resurgent dollar boosted by strong retail sales, and was also down against the euro. A pound was worth $1.53 and EUR 1.18. Telecoms company BT was among the fallers as investors took profits from a 12% price surge prior to the weekend, fuelled by better-than-expected results. The stock, which has also benefited from plans to compete with BSkyB by offering free Premier League coverage for broadband subscribers, slipped 3.7p to 305.8p. And Lloyds Banking Group was 0.9p cheaper at 58.1p after it announced plans for the departure of chairman Sir Win Bischoff within the next year. In a disappointing session for the banking sector as a whole, Standard Chartered was 30.5p lower at 1552.5p, Royal Bank of Scotland dropped 2.1p to 297.4p, Barclays eased 1.9p to 312.5p and HSBC fell 5.2p to 739.6p. Internet delivery firm Ocado also posted big gains on Friday but this was wiped outyesterday amid speculation that Waitrose was threatening legal action over Ocado's planned partnership with rival supermarket Morrisons. Shares closed down 6.5%, or 14.6p, at 210p, having risen 8% in its previous session amid signs of strong trading this year. Elsewhere in the FTSE 250 Index, shares in Rank Group were under pressure after it said the success of "high roller" customers in London contributed to a 5% fall in like-for-like casino revenues in the past 18 weeks. Across the group, which owns casino brand Grosvenor and bingo arm Mecca, like-for-like revenues fell 2% on warnings full-year profits would be lower than last year. Shares fell 5p to 161p. Fellow gambling business Betfair edged lower despite hopes that private equity firm CVC will raise the stakes with a planned takeover. Shares lost 3p to 895p. The biggest FTSE 100 risers were G4S, up 8.4p to 256.1p, Antofagasta 27.5p ahead to 940.5p, BAE Systems 9.8p higher to 389.5p and Weir Group up 54p to 2402p. The main fallers were Standard Chartered, International Airlines Group off 5.2p at 270.7p, Vedanta Resources 19p down to 1280p and Lloyds Banking Group. (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |