FTSE finishes week with a flourish

The FTSE 100 Index looked set for a positive end to the week today as London built on last night’s gains in the United States.

The Footsie advanced 24.3 points to 4843.9 by mid-morning – led by aerospace and defence firm Smiths as the stock benefited from a positive broker note.

Upbeat corporate results and better-than-expected manufacturing data helped lift the Dow Jones Industrial Average more than 200 points overnight – its best daily gain in about two years.

In London, Smiths cheered more than 2% or 20.5p to 865p after Credit Suisse First Boston reiterated its “outperform” recommendation.

The UK’s largest quoted company, BP, contributed to the momentum after its market value increased 1%. The oil giant advanced 6p to 530.5p after the cost of a barrel of crude for June delivery rose beyond 54 US dollars in futures trading. Rival Shell added 4p to 472p.

The only top flight company reporting results today was advertising giant WPP, which failed to inspire investors despite revealing profitability was ahead of target. WPP was the second heaviest Footsie faller, off 6.5p to 598p.