FTSE extends winning streak as it makes up ground lost after the start of war

The FTSE 100 continued a winning streak on Friday as it notched up its fifth rise in six sessions.

The index registered a small, but clear rise of 0.3%, after trading down earlier in the day.

The 19.39 point increase leaves the FTSE 100 at 7,404.73 as it heads into the weekend, having gained more than 250 points since last Friday.

The index has not yet returned to its pre-war highs, but has regained most of the lost ground that at one point saw it drop below the 7,000 point mark.

On Friday it was Ocado that led the pack, bouncing back after a torrid performance the day before when investors had reacted with horror to its latest set of results.

Gambling groups were also close to the top of the pack, and Kingfisher did well ahead of its results coming out next week.

“European and US stocks have continued to recover more of their lost ground this week, despite there being little prospect of a ceasefire, or imminent cessation of hostilities between Russia and Ukraine,” said CMC Markets analyst Michael Hewson.

“As we head into the weekend, we have retreated from the highs of the week on rising scepticism that Russia’s interest in a negotiated agreement is in any way serious, although the FTSE 100 is proving to be slightly more resilient.

Energy companies, and mining firms struggled over the day, as the price of oil remained stable – at least compared to recent roller coaster performances – rising by less than 0.5% to 107.14 dollars for a barrel of Brent crude.

“On the plus side Ocado shares have bounced back after sliding sharply yesterday in response to concerns over rising costs, when it updated its guidance for the rest of the year,” Mr Hewson said.

“We’ve also seen similar rebounds in the likes of B&Q owner Kingfisher, who report their full year numbers next week, as well as B&M European Retail.”

In Germany the Dax index closed up 0.2%, while France’s Cac 40 gained 0.1%. The Dow Jones remained flat shortly after European markets closed, while its Wall Street neighbour the S&P 500 gained 0.5%.

The pound rose 0.13% to 1.3188 dollars and 0.03% to 1.1925 euros.

Shares in pub chain JD Wetherspoon gained 1.9% after it said that its business were returning closer to normal recently as pandemic restrictions were eased off.

The company said that recent sales are slightly below pre-pandemic levels and reported a halving of losses.

The business said that it is fully stocked despite reports that supply chains are creaking, and has a full staff, but that costs are rising.

The biggest risers on the FTSE 100 were Ocado, up 84p to 1,189p, Entain, up 72.5p to 1,722.5p, Kingfisher, up 9.4p to 294.5p, Berkeley Group, up 124p to 4,131p, and Lloyds, up 1.14p to 336.6p.

The biggest fallers on the FTSE 100 were Polymetal, down 19p to 121p, Airtel Africa, down 4p to 143p, ITV, down 2p to 83.82p, Antofagasta, down 39p to 1,627p, and BP, down 8p to 360.4p.