FTSE 100 ends positive ahead of long Easter weekend, while Wall Street lifted by

• FTSE 100 climbs 24 points
• Dow upbeat after US data
• UK PMI best reading for a decade

5.15pm: FTSE coasts to a smooth finish, Dow pushes higher as the US session progresses 

The FTSE 100 ended Thursday up 24 points, 0.4%, at 6,737, and the FTSE 250 jumped 214 points, 1%, to 21,733.

“European markets are closing out in positive fashion, with the prospect of another $2 trillion worth of US stimulus helping to lift hopes of a rapid recovery in the months ahead,” IG Senior Market Analyst Joshua Mahony wrote Thursday. “Despite jitters around vaccination efforts in Europe, the growing levels of protection being built in the UK and US are highlighting an impending period of economic growth.” 

Companies considered reopening plays did well in many cases, including easyJet plc (LON:EZJ), which saw its share price improve more than 3% to £1,009.

In the US, the Dow climbed steadily Thursday morning adding 158 points, 0.5%, to hit 33,139 just after noon. The Nasdaq Composite rose 200 points, 1.5%, to 13,447, and the S&P 500 picked up 38 points, 1%, to 4,010 — crossing the 4,000 threshold for the first time.

Microsoft Corporation stock improved 2.2% to $241.05 on news that the company won a contract to build more than 120,000 augmented reality headsets for the US Army, according to media reports.

4.12pm: IAG leads the way

Leading shares remain in positive territory, with companies deemed to benefit from an easing of lockdown (in the UK if not Europe) leading the way.

On the basis that travel could be back on the agenda (again, perhaps not in Europe), British Airways owner International Consolidated Airlines (LON:IAG) is up 5.62% or 11.15p to 209.45p. More domestically, JD Sports Sports Fashion PLC (LON:JD.) has added 33.6p or 4.08% to 858.2p ahead of this month’s reopening of “non-essential” shops.

With the OPEC+ group meeting to decide whether to keep production cuts, crude oil prices have edged higher.

Sophie Griffiths, market analyst at Oanda, said: “Oil prices are marching higher, snapping a two-day losing streak ahead of today’s OPEC meeting. Concerns over the demand outlook have dragged on the price of oil as Covid cases rise, France goes into its third national lockdown and OPEC downwardly-revised its growth forecasts for this year.

T”oday those same factors are building on the case for OPEC to keep production curbs in place for another month, offering support to the price of oil.

“Looking back at last month’s meeting, the OPEC+ group were cautious. Since then, the Covid picture has deteriorated significantly not just in Europe, but also in India and Brazil. Consequently, the outlook for demand has also deteriorated making no significant changes to production the most likely outcome.”

Oil company shares are however sending mixed signals. BP PLC (LON:BP.) is down 0.95% or 2.8p at 291.85p while Royal Dutch Shell PLC (LON:RDSB) has seen its B shares rise 0.24% or 3.2p to 1338.2p.

Overall the FTSE 100 is up 24.1 points or 0.36% at 6737.73. On Wall Street the Dow Jones Industrial Average has added 0.34% or 113 points to 33,094 while the S&P 500 remains above the 4000 level, up 0.87% at 4007. The Nasdaq Composite meanwhile has climbed 1.5%

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