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FTSE strings together eighth day of gains ; YESTERDAY IN THE CITY [Western Morning News (England)](Western Morning News (England) Via Acquire Media NewsEdge) The FTSE 100 Index yesterday continued its upward march as it shrugged off mixed global economic news. Chinese retail sales met expectations but were short of the performance seen last year, 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 dollars and 1.18 euros. Telecoms company BT was among the fallers as investors took profits from a 12% price surge prior to the weekend, fuelled by better-than-expec-ted results. The stock, which has also benefited from its ambitious 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. He said the time was right to go after helping to steer the company into calmer waters since his appointment in September 2009. 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. Friday's gains for internet delivery firm Ocado were wiped out yesterday amid speculation that Waitrose is threatening legal action over its planned partnership with rival Morrisons. Shares closed down 6.5% or 14.6p lower at 210p. 6631.8 The closing value of the FTSE 100, up 6.8 points (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |