Modest gains for FTSE

London’s leading index rose for a third day running, but gains were modest as a downgrade of UK banks by a top ratings agency overshadowed a better than expected jobs report in the US.

The FTSE 100 initially rose by more than 70 points on news that US employers added 103,000 jobs in September. almost double forecasts, but it settled just 12 points higher at 5303.4 as Moody’s downgrade sapped confidence in the bank sector.