London Report: Upbeat investors help drive FTSE to eight-month high

THE UK’S top equity index rose yesterday to set its highest closing level in eight months, as the World Bank’s upward revision of global growth forecasts buoyed the market.

The blue-chip FTSE 100 index finished up by 0.8 per cent, or 53 points, at 6,819.86 points – marking its highest closing level since late May 2013.

“The general outlook today has been fairly positive, helped by the World Bank upgrade,” said Hantec Markets analyst Richard Perry.

A 1.7 per cent rise at heavyweight healthcare group GlaxoSmithKline gave one of the biggest lifts to the FTSE, after Glaxo was added to SocGen’s “premium list” of favoured stocks.

Luxury goods group Burberry also featured on the FTSE’s leaderboard with a 4.6 per cent rise after reporting higher revenues over the Christmas period. The FTSE 100 rose 14.4 per cent in 2013 to post its best annual gain since 2009.

The UK stock market has been buoyed by a gradual recovery in the British economy.

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