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FTSE 100 closes the week on a high, supported by a fall in the pound
StockMarketWire.com
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The FTSE 100 did rather than better than its US and European counterparts on Friday, closing up 0.4% at 6,761.47. By 4.30pm UK time the S&P 500 was down 0.3% to 3,926.72.
Weakness in sterling on a messy set of UK economic data helped lift the internationally-focused FTSE.
The UK economy shrank by 2.9% in January, somewhat lower than the 4.9% drop many were anticipating, whilst UK imports and exports both fell by 19.3% in January
Housebuilder Berkeley said it remained on track to deliver annual profit similar to last year's, in line with guidance, as market fundamentals remained 'strong' supported by low interest rates and an undersupply of homes. Its shares fell 5.8% to £43.06.
Sportswear retailer JD Sports Fashion said it had struck a conditional agreement to acquire 60% of Poland-based Marketing Investment Group S.A. in an effort to expand into Central and Eastern Europe. Its shares traded up 1.1% to 836p.
Luxury fashion brand Burberry gained 6.9% to £21.23 as it said it expected annual adjusted operating profit to top market expectations and higher comparable store sales as the strong rebound in performance since December had continued.
Thermal processing services provider Bodycote dipped 0.6% to 797p as it swung to an annual loss as restructuring costs and a pandemic-led decline in revenue weighed on performance.
Shopping centre investor Hammerson was up 7% to 34.9p despite posting its biggest ever loss and writing £1.6 billion off the value of its portfolio.
Story provided by StockMarketWire.com
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