The FTSE 100 passed 8000 points for the first time in more than a year before giving up its gains.

It rose as high as 8015 in early trading yesterday before falling back to close down 0.22 per cent, or 17.53 points, at 7935.09.

Miners and oil stocks rallied, led by the gold producer Fresnillo climbing 7.6 per cent, or 35.6p, to 505.5p, Shell adding 3.5 per cent, or 92p, to 2717p and BP gaining 2.6 per cent, or 12.9p, to 508.6p.

It came as the gold price hit a record high of $2,277 an ounce while oil rose above $89 a barrel for the first time since October.

Last month Goldman Sachs analysts said the Footsie will reach 8,200 over the next 12 months as central banks cut interest rates.

Early gains: The FTSE 100 rose as high as 8015 in early trading yesterday before falling back to close down 0.22%, or 17.53 points, at 7935.09

Early gains: The FTSE 100 rose as high as 8015 in early trading yesterday before falling back to close down 0.22%, or 17.53 points, at 7935.09

The FTSE 250 was also on the slide – falling 0.86 per cent, or 170.84 points, to 19,713.89 – as global stock markets went into reverse. 

The mood was hit by lingering doubts over when central banks will start cutting interest rates and by how much. 

With investors fearing the Federal Reserve will deliver fewer rate cuts than expected, 10-year US bond yields rose to their highest level since November. 

Bitcoin also tumbled more than 7 per cent to below $65,000.

‘The pendulum of sentiment may be shifting towards the hawkish direction, but there is still a lot of room for things to change for the next couple of weeks,’ said Vail Hartman, US rates strategist at investment bank BMO in New York.

The bidding war for telecoms firm Spirent has escalated.

Last week the mid-cap firm said it will recommend a 201.5p per share deal – worth £1.2billion – from California-based Keysight Technologies just weeks after it agreed to be snapped up by another US firm Viavi for £1billion.

Stock Watch – Frontier Developments

Shares in Frontier Developments soared after it sold the publishing rights to a rollercoaster simulation game it has owned since 2018 for £5.6million.

The deal with Atari, the entertainment production company listed on the Euronext Paris stock exchange, includes a £3.2million upfront payment.

As a result, cash held by Frontier has risen to £23.4million from £19.9million in December.

Shares surged 12.1 per cent, or 17p, to 158p but remain way down on its peak of 3430p in 2021.

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But Viavi has claimed a deal between Keysight and Spirent would ultimately ‘limit customer choice’. Shares in Spirent fell 1.3 per cent, or 2.5p, to 197.5p.

Virgin Money rose 1.1 per cent, or 2.3p, to 216.2p after the bank cancelled its plans to buy back £150million worth of shares from investors as its takeover by Nationwide looms.

Rodrigo Maza has officially taken over as boss of Naked Wines on the first day of the company’s new financial year. 

Maza has been the alcohol seller’s UK managing director since September last year. Shares added 1.6 per cent, or 0.9p, to 57.1p.

AstraZeneca’s antibody drug it is developing with Japan’s Daiichi Sankyo has been approved for use by US regulators to treat patients with a specific type of breast cancer. 

The pharma giant also said another one of its drugs has been cleared by US regulators as an additional treatment for patients with a rare blood disorder called PNH. 

Shares, however, slid 0.7 per cent, or 74p, to 10604p.

Redx Pharma had little to cheer as it proposed quitting London’s Alternative Investment Market (AIM). 

The pharma firm said it is struggling to access capital and believes it would fare better as a private company. 

At least 75 per cent of those voting at Redx’s general meeting on April 19 must back plans to cancel its shares. Shares fell 64.9 per cent, or 12p, to 6.5p.


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