FTSE 100 surges higher as global markets recover

Top-flight shares in London surged ahead on Wednesday as global sentiment picked up.

The FTSE 100 rose 92.25 points, or 1.31%, to 7,128.1.

“European stocks are surging into the close as global sentiment has turned positive,” said David Madden, market analyst at CMC Markets UK.

“It is a broad-based rally as dealers snap up relatively cheap stocks. The bargain hunters are having a field day as the doom and gloom surrounding equity markets has lifted. The macro and political outlook hasn’t changed, so some traders will be wondering how long this move might last.”

The French Cac was also higher, climbing 2.31%, while the German Dax was up 1.42%.

The pound also rebounded, recovering from days of uncertainty related to the most recent Budget. But tomorrow’s Bank of England growth forecasts could cause further volatility for the currency.

The biggest risers on the FTSE 100 were NMC Health up 176p to 3,532p, Glencore up 14.4p to 318.85p, Ashtead Group up 78.5p to 1,935.5p, and Burberry up 70p to 1,811p.

  • NMC Health up 176p to 3,532p

  • Glencore up 14.4p to 318.85p

  • Ashtead Group up 78.5p to 1,935.5p

  • Burberry up 70p to 1,811p.

Sterling was 0.38% higher against the US dollar at 1.275, and 0.63% higher versus the euro at 1.127.

In London, William Hill shares were higher after the bookie splashed out £241 million to acquire Sweden-based online betting firm Mr Green & Co.

Shares in the company closed 2.2p higher at 210.2p.

High street retailer Next saw growth slow in its third quarter as both high street and online trading eased back.

It said high street retail sales tumbled 8%, while online sales rose by 12.7%.

The retailer stuck with its expectations for the full year, but shares still fell 102p to close at 5,204p.

Meanwhile shares dropped in retail landlord Intu, falling 2.4p to 196.1p, after a consortium attempting to take over the company was granted more time to make a firm offer or pull out of the £2.8 billion deal.

Peel Group, Olayan and Brookfield Property tabled a £2.8 billion offer for Intu earlier this month, but now have until November 15 to put up or shut up.

Standard Chartered posted a healthy rise in third-quarter profits, but warned that “escalating trade tension” are affecting sentiment in its core emerging markets.

For the three months to the end of September, the Asia-focused bank reported underlying pre-tax profit of 1.1 billion US dollars (£864 million), up 31% from 814 million US dollars (£639 million) the year before.

Its shares were 16.8p higher at 549.5p.

  • National Grid down 20.1p to 829.2p

  • Fresnillo down 19p to 848.6p

  • Severn Trent down 37p to 1,863p

  • Next down 102p to 5,204p.

Shares in Computacenter dropped 158p to 1,096p after it unveiled a dip in sales.

British Gas owner Centrica saw shares slide 2.4p to 147.2p after it named Charles Berry as its next chairman.

On the London Stock Exchange’s junior market, shares in butcher chain Crawshaw were suspended after the company announced its intention to appoint administrators.

It is now seeking buyers for the group’s business and assets on a going-concern basis.

On the oil market, prices held steady but were on course for their worst monthly performance since July 2016. A barrel of Brent crude was trading 0.25% lower at 75.94 US dollars.

The biggest risers on the FTSE 100 were NMC Health up 176p to 3,532p, Glencore up 14.4p to 318.85p, Ashtead Group up 78.5p to 1,935.5p, and Burberry up 70p to 1,811p.

The biggest fallers on the FTSE 100 were National Grid down 20.1p to 829.2p, Fresnillo down 19p to 848.6p, Severn Trent down 37p to 1,863p and Next down 102p to 5,204p.