London shares shrug off uncertainty

London shares shrugged off the uncertainty caused by the blackout in America today to build on the previous session’s record high for the year.

The FTSE 100 Index stood 4.3 points higher in the first hour at 4242.1 after reaching its highest closing point since August 28 last night.

The blackout in New York came after the end of trading in the US with the Dow Jones Industrial Average and the Nasdaq showing modest gains. Business is expected to continue as normal later today.

But power companies in London came under pressure following the power outage, with National Grid Transco down 5.5p to 391.5p in the first hour.

National Grid owns Niagara Mohawk, which serves more than 1.5 million customers in 669 communities in upstate New York.

Others in the sector to fall included Scottish & Southern Energy, down 5.5p at 631p, and Scottish Power, off 1p at 362.5p.

In a quiet session for corporate news, electrical engineer T Clarke rose 2% or 10.5p to 575.5p after promising shareholders a special 10p dividend.

The move comes as the company, which boasts the London Eye among its recent wiring projects, delivered a 38% rise in pre-tax profits.