FTSE finally finishes in black

London’s FTSE 100 Index recorded its first positive finish in six sessions today after benefiting from a strong start to trading on Wall Street.

Heavyweights such as Vodafone and BP were among stocks on the risers board as the Footsie closed 21 points higher at 6588.4.

Miners had earlier dragged the top flight lower, with the impact of lower copper prices and broker downgrades causing Antofagasta to dip 10p to 608.5p and platinum specialist Lonmin to fall 66p to 4046p.

As well as the healthy start to the week in New York, the Footsie was helped by a fresh round of speculation involving supermarket chain Sainsbury’s, as rumours of an imminent bid for the firm caused shares in the grocer to lift 10p to 582.5p.

The developments come a week after a Qatari-backed investment fund built up a 25% stake in the business.

Housebuilder Persimmon opened the session at the top of the leaders board after it said the house market was holding up despite rising interest rates. The stock later lost momentum, closing 13p lower at 1190p, although Barratt Developments clung on to early gains, up 12p at 1017p.

A bigger casualty of interest rate concerns was car dealership Pendragon in the FTSE 250 Index, as it warned its profits would be hit by a consumer spending slowdown.

The alert from the company – best known for the brands Evans Halshaw and Stratstone – caused its shares to tumble more than 16%, down 16p at 82p.

Back in the top flight, BP was among the top risers as investors continued to digest Friday’s agreement to invest £3bn (€4.45bn) in Russia in conjunction with state-owned Gazprom. Shares were 5.5p higher at 589p, while fellow major Royal Dutch Shell also moved ahead 12p to 2044p.

Other firms in positive territory included Enterprise Inns, lifted by an upgrade from Citigroup anticipating big returns if the company converts to tax-efficient REIT status.

Enterprise moved 5p ahead at 679p following the note, although sector peer Punch Taverns – another potential REIT – was off 7p at 1270p.

Dulux paint maker ICI, meanwhile, was lifted 1p higher to 625.5p by weekend reports of a higher bid for the chemicals company from Dutch suitor Akzo Nobel. Reports said ICI could accept an offer of 675p – or £8.1bn (€12bn) – for the company.

In the FTSE 250 Index, London Stock Exchange shares were down 14p at 1341p, reflecting the payment of shares in its takeover of Borsa Italiana.

Bookmaker William Hill edged 2p higher at 610p, even though the company announced the departure of chief executive David Harding.

The biggest Footsie risers were Tate & Lyle up 13p at 572.5p, Enterprise Inns ahead 12.5p at 686.5p, Sainsbury’s up 10p at 582.5p and Shire ahead 16p at 1204p.

The biggest fallers were Antofagasta down 10p at 608.5p, Lonmin off 66p at 4046p, Vedanta Resources down 24p at 1582p and International Power off 6.25p at 420p.