• FTSE 100 up 1.1% to 6,736
• Gold up 0.8% to $1,328.79/oz
• £/$ – 1.6714
The FTSE 100 made strong gains yesterday to close over 1% higher at 6,736.
Retail estate investment trust Hammerson was the highest climber after reporting a rise in annual profits. The Reit gained 3.1%. And Royal Bank of Scotland followed with a gain of 2.7%.
Roll-Royce Holdings was the day’s biggest faller, down 1.9%.
In Europe, the Paris CAC 40 fell five points to 4,335, and the German Xetra Dax lost six points to 9,656.
In the US, the markets were closed for Presidents’ Day.
Overnight in Asia, Japan’s Nikkei 225 rose 3.1% to 14,843, and the broader Topix index gained 2.7% to 1,224. And in China, the Shanghai Composite fell 0.8% to 2,119, and the CSI 300 slid 1.3% to 2,282.
In the forex markets this morning, sterling was trading against the US dollar at 1.6682 and against the euro at 1.2161. The dollar was trading at 0.7291 against the euro and 102.44 against the Japanese yen.
And in the news this morning, Poundland has announced its intention to float on the London Stock Exchange. The budget high-street retailer, which is 76%-owned by Warburg Pincus, has close to 500 stores in the UK. Shares will be offered to institutional investors.• This article is taken from our free daily investment email, Money Morning. Sign up to Money Morning here.