Friday closing report: Weak US data takes shine off Footsie surge

London Stock Exchange building
London Stock Exchange building
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The London market closed higher, led by miners and financial stocks, despite being knocked by disappointing US jobs data.

Markets eased after data revealed the US economy added just 142,000 jobs in September, worse than the 205,000 expected.

The weaker jobs data also pushes back the prospect of higher interest rates in the US and abroad into further next year.

In London two of the biggest risers were silver miner Fresnillo up 29p to 633.5p and gold miner Randgold Resources 166p higher to 4098p.

Banking stocks had begun the session strongly, after its regulator said it was considering introducing a deadline to the payment protection insurance mis-selling saga.

But after the US jobs data announcement the sector gave up some of their gains, with Lloyds Banking group up 1.3p to 76.6p while Barclays climbed 1.4p to 248.6p.

CMC Markets analyst Jasper Lawler said: “The US jobs report leaves banks faced with the prospect of a longer period of low interest rates which reduces margins on the traditional lending business.”