FTSE Close: Stocks close higher as investors welcome cooling US inflation

The FTSE 100 closed 1.4% higher at 7,635 on Friday as investors responded positively to signs of cooling inflation in the US, while miners surged on a Chinese property bailout.

China will provide more loans to support its struggling real estate industry, with the first funds expected soon, its housing ministry said. The news lifted mining stocks, with Anglo American rising 1.5% as China is a major minerals buyer.

Vodafone climbed 3.9% despite the UK competition watchdog announcing an investigation into the proposed merger of its UK business with Three UK over competition concerns.

Luxury stock Burberry jumped 4.9%, tracking gains for LVMH in Paris.

In the mid-cap FTSE 250 index, WH Smith lost 0.7% although its trading update showed total sales up 8% in the year so far. The domestically-focused index closed up 0.6%, at 19,338.02,

Currency manager Record rose 7.0% as assets under management hit $99.5 billion. Wickes Group closed up 8.4% as the building supplies retailer forecasts higher-than-expected 2023 profit despite slowing sales growth. The AIM All-Share index closed up 0.4%, at 750.70.

FTSE All-Share Risers

Wickes Group (8.4%), Luceco (7.6%), Record (7%), Saga (6.3%) and Hunting (6%).

FTSE All-Share Fallers

Tullow Oil (-2%), Pharos Energy (-1.3% ), Petra Diamonds (-2.60%), Centrica (-6.6% ) and Atrato Onsite (-3.4%).