ROBUST jobs data from across the Atlantic rode to the rescue of the UK market yesterday helping the benchmark FTSE 100 index to end its losing streak.
The top flight, which lost ground in the first three sessions of the week, closed just over 53 points or 0.9 per cent higher at 5,829.75, amid thin volumes, as it emerged that applications for US unemployment benefits fell last week to 339,000, the lowest in more than four years.
A downgrade of Spain’s credit rating after Wednesday’s market close by Standard & Poor’s to just above junk status was largely shrugged off by UK investors.
Angus Campbell, head of market analysis at Capital Spreads, said: “Finally some good news for equity markets and a reversal in the recent trend which had been building gradually to the extent that it almost felt like we would never see a rally again!
“The weekly initial jobless claims from across the pond was the main catalyst for the gains.”
Luxury goods retailer Burberry topped the risers’ board, up 133p, or 13 per cent, to 1,136p, as an update on recent trading offered comfort following last month’s profits warning.
Bakery chain Greggs was under pressure in the second tier after it said like-for-like sales were recovering from this summer’s difficult trading conditions at a slower-than-expected pace. The stock fell 20.5p to 496p.
NEW YORK: Wall Street ended little changed last night as gains brought by a sign of improvement in the US labour market were capped by a drop in Apple shares after a legal setback in a court ruling.
The Dow Jones industrial average closed down 18.58 points, or 0.14 per cent, at 13,326.39 while the broader Standard & Poor’s 500 Index ended up 0.28 point, or 0.02 per cent, at 1,432.84.
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Weather for Edinburgh
Wednesday 22 May 2013
Temperature: 3 C to 13 C
Wind Speed: 23 mph
Wind direction: West
Temperature: 5 C to 11 C
Wind Speed: 23 mph
Wind direction: North west