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FTSE 100 enjoys one-day surge

London Stock ExchangeFri close: London shares ended another awful week on a high note with the FTSE 100 climbing 3.1%, its strongest one-day rise in five months, as bargain hunters bought depressed mining stocks.

The blue chip index closed up 170.6 points at 5,707, helped by a more positive opening to the US session ahead of a three-day weekend.

European banking shares was also up thanks to good results from Commerzbank and the announcement of debt buyback by Deutsche Bank.

There was also some positive economic data. UK construction output rose in line with expectations in December, according to data from the Office for National Statistics and US retail sales rose more than expected in January, said the Commerce Department.

Company news was dominated by figures from aero engine maker Rolls-Royce which was among the top of the risers, up 14% despite halving its final dividend, but maintaining its 2016 outlook and posting slightly better than expected underlying full year profits.

BT Group was a faller after UBS downgraded it to ‘sell’ from ‘neutral’ with an unchanged 430p price target.

 

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