FTSE keeps up resilient streak

The FTSE 100 Index kept up its resilient streak today amid expectations that US policymakers will launch a new stimulus plan later today.

The Federal Reserve is widely expected to announce another tranche of quantitative easing in an effort to breathe life into the lacklustre US economy.

Asian stock markets were boosted by the speculation, even though North Korea’s latest test launch of a long-range rocket drew an angry response from Japan.

The FTSE 100 Index, which has gained for the last five sessions, inched 4.6 points higher to 5929.5. It is presently 6% higher across the year to date.

There was little in the way of major blue-chip corporate news so attention was focused on the retail sector after results from fashion chain SuperGroup.

It reported a 13% rise in underlying pre-tax profits to £14.7m (€18.2m) in the six months to October 28 and said sales growth had picked up pace since then.

However, shares failed to respond to the update as the FTSE 250 Index company posted a decline of 29.5p to 567p.

Transport group Stagecoach was 2.1p lower at 300.3p as it vowed to fight a law suit that seeks to break up its sightseeing bus company in New York City.