It's good news for the drinks giants Diageo and Allied Domecq which really buoyed London trading on Friday.
The FTSE 100 index closed up 32.2 points or 0.7% to 4550.8, making this the third consecutive weekly gain for the FTSE, while the FTSE All-Share index rose 0.7% to 2256.21 and at its highest level in four months.
Allied Domecq gained 9p or 2% to 457 after the maker of Baskins & Robbins ice maker and drinks manufacturer revealed earnings were in line with expectations to the end of August.
Having yesterday lost ground, Diageo – the firm behind such brands as Gordon’s and Tanqueray gin bounced back with gains of 19.5p or 2.9% to 695p.
AstraZeneca, the pharmaceutical giant, also leapt 63p or 2.5% to £26.26 after a ratings upgrade from one analyst.
British Airways announced passenger traffic rose in August, despite recent cancellations issues with staffing and weather, which in turn boosted its share price by 7p or 3.1% to 232.75p.
And Rank Group, the owner of Hard Rock Café and Mecca bingo eventually closed up 9.75p or 3.5% to 285.25p after announcing plans to sell of its loss-making DVD processing business.
In the US, the Dow Jones and S&P 500 index are relatively flat, however, the Nasdaq Composite (tech stocks) index is suffering.At present, the Dow Jones index stands at 10,291 while the S&P 500 index has dropped 0.16% to 1,116 and the Nasdaq is down 26.7 points or 1.43% to 1,846.IFAonline
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