FTSE remains near two-year high


London Stock Banking

The London market has shown no sign of surrendering recent gains as the FTSE 100 Index remained near to its two-year high.

A surprise jump in US employment on Friday ensured the Dow Jones Industrial Average finished in positive territory before the weekend, while Asian markets were also stronger overnight.

At the start of a week due to feature results from Vodafone, Marks & Spencer and BT, investors were happy to sit on the sidelines, leaving the FTSE 100 Index 3.6 points lower at 5871.3.

The biggest move of the session came from Rolls-Royce as shares continued to suffer in the wake of last week’s engine failure on an A380 operated by Qantas. The boss of the Australian airline added to pressure on the UK firm by revealing oil leaks were discovered in three engines on its grounded superjumbo fleet.

Rolls shares have now lost £1.5 billion in value after dropping another 20.5p to 570.5p on Monday.

Ahead of Tuesday’s interim results and strategy review by chief executive Marc Bolland, Marks & Spencer shares were 5.7p higher at 414p, while Primark owner Associated British Foods added 7p at 1078p ahead of its own figures.

Elsewhere, BSkyB rose 5p to 725p after announcing it had reached its target for 10 million television customers before the end of the year.

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