By Carla Mozee, MarketWatch
LONDON (MarketWatch)--U.K. blue-chip stocks closed at a record
high Friday, finishing higher for the week, as shares of drug maker
Shire PLC and real-estate companies advanced.
The FTSE 100 rose 1.1% to 7,089.77, as all but eight of its
components finished higher. The benchmark surpassed the closing
record of 7,037.67 that it notched in late March, according to
FactSet data.
Analysts have said capital resulting from the European Central
Bank's asset-purchase program has made its way into U.K. equities,
pulling them higher alongside the broader European equity market.
The Stoxx Europe 600 this week closed at its best level ever,
surpassing a record that had stood since March 2000.
Read: Thank Draghi! European stocks knock down 15-year record
(http://www.marketwatch.com/story/thank-draghi-european-stocks-hit-highest-level-ever-2015-04-09)
The FTSE 100 ended its holiday-shortened week by rising 3.8%,
the biggest gain since the week ended March 20.
Friday's best performance came from Shire PLC . The
pharmaceutical company's shares rose 4.8% after the U.S. Food and
Drug Administration said it would consider its application for its
Lifitegrast dry-eye disease treatment, and will do so under
priority review. Under FDA rules, the agency will try to take
action on the application within eight months, rather than the 12
months under a standard review.
Property stocks were also among the strongest gainers after
Jefferies upgraded its stance on the U.K. residential sector. "The
latest data points to a stronger pre-election housing market than
we had anticipated," said analysts in a note Friday.
In the group, home builder Taylor Wimpey PLC climbed 3% as it
was upgraded to buy from hold. Barratt Developments PLC and
Persimmon PLC were upgraded to hold from underweight. Barratt
shares picked up 3.1%, and Persimmon rose 1.4%.
But Kingfisher PLC , losing 0.8% after Societe Generate cut its
rating on the home-improvement retailer to sell from hold. CRH PLC
fell 0.7% and miner Rio Tinto PLC lost 0.2%.
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