FTSE strikes another record high as Wall Street makes gains
The FTSE 100 marked another successive record close on Friday as it ended its strongest week for two years.
The index continued its recent rally as it benefited from its high proportion of defensive stocks amid volatility in the tech sector, as retail and finance firms once again performed well.
A sharp jump in the value of Smiths Group, after the engineering group bowed to investor pressure by launching a break-up plan, helped boost the FTSE further.
London's top index finished 27.08 points, or 0.31%, higher to end the day at 8,673.96.
Elsewhere in Europe trading was far more steady, with the German Dax inching back slightly after a string of record performances this week.
The Cac 40 ended 0.11% higher for the day and the Dax index was down 0.07%.
Across the Atlantic, US tech stocks had a recovery on Friday to help the main indexes higher, as fresh inflation data came in on par with expectations.
US stock indices seem to have shrugged off Monday's sell-off and look to be on track to overcome their January peaks, having closed their price gaps with last Friday's lows
Axel Rudolph, senior technical analyst at IG
Axel Rudolph, senior technical analyst at IG, said: 'US stock indices seem to have shrugged off Monday's sell-off and look to be on track to overcome their January peaks, having closed their price gaps with last Friday's lows.
'US PCE (personal consumption expenditures) inflation rising by 0.3% in December as expected relieved markets, with the US 10-year bond yield falling to a six-week low, boosting stocks.'
In currency, sterling rebounded against a softer dollar after the inflation data.
The pound was up 0.2% at 1.244 US dollars and was also up 0.12% at 1.196 euros when London's markets closed.
In company news, Smith Group leapt after the FTSE 100 group said it would start breaking up the company, after heavy pressure from activist investors.
The London-listed firm is to sell its Smiths Interconnect business, which makes broadband connection and antenna parts, by the end of 2025.
Shares in the company were 10.8% higher at 2,066p at the close of play.
Elsewhere, Tortilla Mexican Grill improved in value after it said that long-term backer Quilvest Capital Partners has sold its 20% stake in the fast food business to technology investor Auctor Group.
Tortilla said the backing of Auctor will help it drive operational improvements through new technology.
Shares in the business moved 1% higher to 49.5p.
Education software firm Tribal Group was a strong performer after its revenues grew faster than market guidance last year, helping it to reduce its debts.
The Bristol-based group saw shares rise by 20.5% to 47p.
The price of oil fell slightly after US President Donald Trump hinted that the commodity may be excluded from plans to launch 25% tariffs on Mexican and Canadian imports.
A barrel of Brent crude oil was down by 0.05% to 76.83 dollars (£61.74) as markets were closing in London.
The biggest risers on the FTSE 100 were Smiths Group, up 201p to 2,066p, Land Securities, up 15.5p to 585p, Mondi, up 29.5p to 1,262.5p, St James's Place, up 24p to 1,054p, and JD Sports, up 1.94p to 89.12p.
The biggest fallers on the FTSE 100 were Fresnillo, down 16.5p to 696p, Prudential, down 10.6p to 678.2p, Sainsbury's, down 3.8p to 254.4p, AB Foods, down 28p to 1,902p, and Marks & Spencer, down 4.4p to 335.8p.
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