Business

FTSE turns round to end week positive

London stock brokers (file photo) Image copyright AFP

(Close): The FTSE 100 recovered from an earlier loss to end the week with a modest gain.

Early falls were partly caused by satellite operator Inmarsat, whose shares lost 6% after it cut its sales forecast on Thursday.

The FTSE 100 was up 8.45 at 6,125.70.

Traders turned tail to erase losses after the monthly report on the US labour market came in below expectations - putting back the date of the next increase in US interest rates.

Fed policy makers hold a two-day meeting starting 14 June.

Another major faller was outsourcer Interserve, which lost 17% after it announced a £70m exceptional charge linked to a plant being built in Scotland.

Miner Rangold Resources reversed losses to end up 6%, and other resources firms also making strong gains.

On the currency markets, the pound lost 0.33% against the dollar to $1.4438 and was down 0.45% against the euro to €1.2642.