THE FTSE 100 Index reached a new high for the year today as investors took their lead from Wall Street’s solid finish on Friday night.
London’s latest rally saw the Footsie climb as high as 5194 in the first hour of trading, before settling 25.8 points ahead at 5187.7.
The gains came despite a fall back for mining stocks after last week’s strong run. Randgold Resources lost 58p to 4583p and Antofagasta slipped 8.5p to 815p, but this was more than offset by a rise of 2.6p to 135.1p for Vodafone after it announced plans to transfer its US listing to the Nasdaq exchange. The move is expected to result in lower annual listing fees.
Other key risers were BP after a gain of 6.3p to 548.8p and drugs group GlaxoSmithKline with an improvement of 12.5p to 1255.5p.
Outside the top flight, ITV shares rose 2.06p to 48.44p after its succession saga was offset by a positive note from Goldman Sachs. The broker said evidence from media buyers pointed to a stronger-than-expected recovery in advertising markets for the final two quarters of the year.
However, ITV’s leadership crisis is no closer to ending after the company said Sir Michael Bishop was not in the running for the chairman’s position and chief operating officer John Cresswell will leave the company on the arrival of a new chief executive.