US optimisms sparks FTSE climb

The FTSE 100 Index made strong gains as London investors followed the lead of counterparts on Wall Street today.

The FTSE 100 Index made strong gains as London investors followed the lead of counterparts on Wall Street today.

Stronger-than-expected US manufacturing figures led the Dow Jones Industrial Average to a record high, and the positive sentiment caused the Footsie to rise by 43.4 points to 6463 at mid-morning.

Broadcasting group BSkyB set the pace with a gain of almost 8%, up 44.5p at 629p, after posting better-than-expected third quarter figures.

Despite higher turnover of customers following price hikes earlier in the year, the company reported a 28% year-on-year rise in subscriber numbers.

Platinum miner Lonmin followed it higher, reporting interim profits of £132m (€193.7m) despite furnace problems affecting production during the period.

The stock was 186p higher at 3506p, and lifted its sector peers. Anglo American was 46p up at 2696p, Vedanta Resources was 29p higher at 1406p, and Antofagasta cheered 11.5p to 550.5p.

Media companies led the fallers board after some of the market's excitement relating to News Corporation's bid interest in Dow Jones started to cool.

Financial Times owner Pearson fell back 24p to 877p, Daily Mail & General Trust eased 14.5p to 848p and Reuters dropped 7.5p at 486.5p.

In the second tier, software and console game retailer Game Group led the gainers with a rise of nearly 6%, or 8.75p, to 162.75p as the company unveiled a £74m (€108.6m) acquisition of rival Gamestation.

Tour operator First Choice was close behind with a rise of 54.5p to 1268.5p, as analysts cheered a trading update from the company yesterday. Shares were 13p higher at 298.5p, while rival MyTravel added 9p to 322p.

PartyGaming moved in the opposite direction after the cost of signing up new players led to a profits warning. The stock fell 2.75p to 43.5p.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up