Diageo's plans to close its London Guinness plant seems to have gone down well with analysts, as the drinks firm rose to an 18-month by end of London business and other "sin stocks" helped the FTSE to close the week 1% up.
The FTSE 100 index gained 31.8 points or 0.7% to 4537.3 thanks to a 4.2% or 31p share price rise for Diageo to 766.5p.
Rival drinks firm Allied Domecq made the most of this rise and saw its share value gain 11.25p or 2.4% to 474.5p while SABMiller, the world's second-largest brewer, added 16p or 2.6% to 636p.
Tobacco groups Gallaher, Imperial Tobacco and British American Tobacco saw an important share price rise after starting legal proceedings against the UK government’s restrictions on tobacco advertising in shops.
As a result, Gallaher gained 22p or 3.4% to 679.5p while Imperial Tobacco added 23p or 1.9% to £12.43 – its highest level since October 1996 – and BAT rose 17p or 2.1% to 837.5p.
ITV - formed through the merger of Granada and Carlton Communications - also closed up 4p or 3.2% to 130p.
In the US, markets are up at this stage but trading is relatively mixed as the latest message from the authorities is the US economy is "gaining strength".
The Dow Jones index was up 47.5 points or 0.46% to 10,445 by close of business in London while the Nasdaq has only just hanging over the 2,000 market and the S&P 500 index is currently up 6 points or 0.55% to 1,135.IFAonline
‘Most significant’ upgrade since launch
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