The FTSE 100 recovered from recent steep falls, rising 74.62 points to close at 9,609.53 with banks in particular back in favour after reports that they will avoid an additional sector tax.
Retailers have witnessed the steepest drop in confidence in 17 years in a stern warning about the cost of of living and consumer confidence.
A CBI survey showed year-on-year retail sales worsened in October, while a quarterly measure of business sentiment for the next three months delivered its weakest reading since late 2008.
“Retailers continue to grapple with weak demand as households remain cautious around day-to-day spending,” said Alpesh Paleja, CBI deputy chief economist, adding that the budget uncertainty had restrained investment and hiring.
EasyJet
Budget airline, easyJet, has reported better-than-expected full-year profit and said it was on track to deliver its target of £1 billion of pre-tax profits.
Pre-tax profits rose 9% to £665 million in the 12 months to the end of September, up from £610m last year. Revenue over the period rose 9% to £10.1 billion, up from £9.3bn a year ago.
The airline confirmed further growth at its Glasgow base, with a seventh A320 family aircraft set to join the fleet from next summer.
The airline’s Scottish network continues to grow, having expanded by 11% over the last financial year with the addition of 15 new routes.
EasyJet has recently expanded at its Edinburgh base, where it welcomed the arrival of a 10th aircraft over the summer, meaning the airline now has 17 easyJet aircraft based in Scotland, operating more than 100 routes.
Marstons’s rises
Better news from pubs group Marston’s which reported a jump in pre-tax profit to £88.3 million for the year to 27 September 27, from £14.4m a year earlier. It said like-for-like sales rose 1.6%.
Justin Platt, the chief executive, said the group had started the new year with good momentum and confidence in continued growth. Like-for-like sales for the eight weeks to 22 November were in line with last year, while Christmas bookings were up 11%.
Marston’s share price rose 13 per cent, or 6p, to 56p.
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