The capital's premier blue-chip index closed slightly higher despite a blow from British American Tobacco (BAT).
The FTSE 100 closed higher yesterday after a strong day's trading for BT and British Airways owner IAG.
London's blue-chip index ended the day up 0.3 per cent at 7,515, while FTSE 250, which is more aligned with the health of the domestic economy, ticked up nearly one per cent to close at 18,666.
Shares in telecoms giant BT rose fastest on the Capital's flagship index, ending the day up 4.91 per cent to close at 136.6p per share. IAG closed the day up 3.92 per cent.
The fastest faller was British American Tobacco after the firm issued a $25bn write down on the value of some U.S. cigarette brands.
Blue-chip giant British American Tobacco announced a £25bn writedown of its cigarette brands in the US this morning. It also announced revenues from smokeless products had surpassed expectations, and the division has moved into the black earlier than expected.
Bosses acknowledged that its traditional market has no longterm future as chief Executive Tadeu Marroc described the write-down as "accounting catching up with reality."
The update sent shares down as much as 10.2 per cent at times to their lowest since September 2010. They regained some ground and closed the day down 8.36 per cent at 2,279 per share.
TUI, which holds a dual listing on the London and Frankfurt Stock Exchange, said it is considering delisting from London. The announcement came as TUI saw a jump in revenue to €20.7bn,
(c) 2023 City A.M., source Newspaper