Positive end to turbulent week as Footsie closes up

LONDON shares ended a dramatic week on an upbeat note yesterday as the FTSE 100 index continued its revival.

Investors shrugged off a weaker start on Wall Street and bought a host of heavyweight blue-chip stocks. Figures showing Britain's economy grew at a faster rate than expected in the second quarter also boosted spirits.

By the close the Footsie was up 56.6 points at 3907.2 1% above its starting point at the beginning of the week. Banks, oils and pharmaceuticals all moved up despite an early 100-point slide on the Dow Jones in New York.

HBOS gained 19.5p to 644.5p, Royal Bank of Scotland added 28p to £12.90 and Barclays rose 6.75p to 395.75p.

BP and Shell continued to benefit from the firm crude oil price with BP up 11p to 452.5p and Shell up 8.25p to 399.25p.

GlaxoSmithKline rose 37p at £12.83 and AstraZeneca put on 54p to £20.54. Cigarette stocks dominated the fallers' board after Philip Morris said estimated earnings this year would now grow by between 3% and 5% against earlier forecasts of 9% to 11%. BAT tumbled 15p to 665p, Imperial Tobacco dropped 41p to £10.02 and Gallaher fell 18.5p to 621.5p. The biggest risers were Next, up 60p at 940p, Reuters, ahead 12.5p at 238p, Daily Mail & General Trust, up 24p at 501.5p and BT, up 7.75p at 175p.

The heaviest fallers were Imperial Tobacco, down 41p at £10.02, Sainsbury's, down 9.25p at 293p, Man, off 32p at £10.27, and Gallaher, off 18.5p at 621.5p.