FTSE deflects jobs gloom to close in black

The FTSE 100 closed marginally in the black after a strong morning session was almost wiped out by “shocking” US labour market figures. Other major European markets also slipped towards the end of trading as the extent of the outbreak’s impact was revealed.

The blue-chip index ended the session 25.65 points higher at 5,480.22. It was knocked from a midday peak after new data revealed that the number of Americans filing for first-time unemployment doubled to more than six million, hitting a record high for the second consecutive week.

Connor Campbell, financial analyst at Spreadex, commented that it “marks the second week in a row investors have taken a terrifying unemployment claims figure relatively in their stride”.

Meanwhile, sterling has continued its recent rebound to move higher against the euro and dollar, with traders calmed by a lack of major economic updates. The value of the pound rose 0.07 per cent versus the US dollar at $1.237 and was up 1.15 per cent against the euro at €1.140.

The price of oil surged 18.28 per cent to $30.28 after president Donald Trump said that Russia and Saudi Arabia could cut output by ten million barrels per day.

The UK’S oil majors and commodity firms drove higher as a result, with Royal Dutch Shell jumping 120.4p higher to 1,541.6p, for example.

In company news, Morrisons shares slipped slightly after staff were told to expect a £1,000plus windfall as the company pledged to triple its annual bonuses. Shares closed 1.5p lower at 179p.