The FTSE 100 appears to be closing off a decent week in fine fashion as it set aside concerns of a Delta variant linked sell-off in Asia. The UK index added 0.35% on Friday, standing at 7,218 points at the time of writing.
“However, the closure of Chinese ports in an effort to control the spread of the more infectious Covid strain could add to global supply chain disruptions and become something the market cares about in fairly short order,” warned AJ Bell financial analyst Danni Hewson.
“For now UK stocks are taking their cue from the US, where the S&P 500 closed at a record high for a third consecutive day. Entertainment giant Disney demonstrated the increasing power of its huge library of content as it unveiled a better-than-expected quarterly performance.”
The blue-chip Dow and the S&P 500 are on course to close out a strong week after adding 0.8% and 0.6%, respectively, through Thursday at record highs.
The FTSE 250 is also on the up, remaining around the all-time high reached yesterday, up 0.18% at 23,790.
FTSE 100 Top Movers
Rolls-Royce (1.77%), Flutter Entertainment (1.47%) and Intermediate Capital Group (1.34%) are leading the way atop the FTSE 100 as the week draws to a close, each making modest gains.
At the lower end, Fresnillo (-1.72%), Auto Trader (-0.98%) and Phoenix Holdings (-0.98%), have all lost ground.
