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The Guardian - UK
The Guardian - UK
Business
Nick Huber

FTSE 100 ends week on 5-month high

Takeover speculation and record oil prices helped the London market end the week on a five-month high, despite a weak opening from Wall Street.

The FTSE 100 closed up 52.5 points at 6304.3.

British Energy was the top riser in the FTSE after press reports that the nuclear power company had received three bid approaches.

It closed up 35.5p, or 5%, at 715.5p. Reports said potential bidders for BE are French utility EDF, Suez, also from France, and a combined proposal from Germany's RWE and Spain's Iberdrola. However, Suez later denied making a bid approach to BE.

British Airways was also among the top risers after it announced record annual profits despite the recent fiasco of the Terminal 5 opening. It closed up 9p at 233.5p.

The London market was also lifted by record high world oil prices. Prices hit $127.43 a barrel earlier today thanks to a weaker dollar and a bullish note from Goldman Sachs predicting further rises to come.

J Sainsbury was among the biggest fallers -- down 4.75p at 372.75p -- after a downbeat note from Goldman Sachs on the tough trading conditions facing UK retailers.

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