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Thur close: Sentiment rises on US job figures

London stocks dipped in early trade as investors chose to cash in on the recent record run and take some profit.

However, they rallied into the close as improving labour-market data from the States lifted sentiment.

Wall Street indices opened higher following a Labor Department report which showed that US jobless claims unexpectedly declined last week.

The FTSE 100 finished the session up 23.41 points (+0.34%) at 6,973.04, well above the intraday low of 6,884.63 reached early on.

There were also some jitters early on around the higher euro and a rise in European bond yields which was starting to unsettle stock market investors at a time when concerns about a US rate rise are starting to diminish.

Property giant British Land gained after meeting forecasts with a small increase in profits in the year ended 31 March.

ITV declined despite net advertising revenue for the first quarter being ahead of guidance. Sentiment was dampened by reports of a lower second quarter. Furthermore, staff held a 24-hour strike over pay.

 

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