Business

FTSE 100 closes above 7,000 level

Traders in London Image copyright AFP

The FTSE 100 has closed above the 7,000 level, with the UK's benchmark index rising by 0.2% to 7,01164.

Energy stocks boosted the index with BP closing up by 2.1% and Shell gaining 0.9%.

Shares in Micro Focus International fell 3.5% after UBS cut its rating on the company to "neutral" from "buy".

Reckitt Benckiser fell 0.9% after an Australian court tripled the company's fine for misleading customers over Nurofen.

Australia's Federal Court ruled last year that products marketed as targeting specific pains, such as migraines, were actually identical.

Outside the FTSE 100, shares in Trinity Mirror rose 9.5% after it said its full-year performance would be "marginally ahead of expectations".

It predicted net debt would fall to about £35m, which was better than forecast. However, the newspaper publisher also said group revenues in the fourth quarter were set to fall by 8% on a like-for-like basis, with print advertising down 17%.

Rentokil Initial shares jumped 4.1% after it announced it would merge parts of its workwear and hygiene units into a joint venture with Germany's Haniel.

Rentokil said it would have an 18% stake in the joint venture and receive about €520m (£436m).

On the currency markets, the pound rose 0.51% against the dollar to $1.2483. Sterling had fallen sharply against the dollar on Thursday as financial markets continued to react to this week's Federal Reserve meeting, which pointed to three rate rises next year, rather than two.

Against the euro, the pound was little changed at €1.1931.