The FTSE 100 Index surged to a fresh all-time high today, buoyed by oil and retail stocks.

The London market's rally has so far been largely unaffected by uncertainty surrounding the UK general election on May 7, with no party currently expected to win an outright majority.

Next, Dixons Carphone and Sainsbury's were among stocks on the front foot as the top flight closed up 21.5 points at a record 7096.8. It also set a new intraday high of 7111.7.

A rise in the price of Brent crude oil to near 60 US dollars a barrel was also a factor as BP improved 4.85p to 475.8p and Royal Dutch Shell lifted 36p to 2122p. In the FTSE 250 Index, Premier Oil rose almost eight per cent or 12.7p to 178.2p.

The boost for energy stocks came as China reported its economy grew at a seven per cent annual rate in the first quarter, the slowest pace in six years.

This was viewed as a positive for commodity stocks as it increases the prospect that policymakers will take action to boost the performance of the world's second largest economy.

The pound was slightly down against the US dollar, at 1.47, after American data showed housebuilders were at their most optimistic about forward sales since January.

Sterling was up against the euro, at 1.39, as the European Central Bank said its its 1.1 trillion euro (£790 million) bond buying plan was working while keeping interest rates at a historic low of 0.05%.

Back on the London market Anglo American was up 15.5p at 1055p and silver miner Fresnillo added 15.5p to 738p.

Fashion and homewares chain Next was one of the biggest risers in the top flight with a gain of more than two per cent - up 175p to 7285p - after benefiting from a positive broker note from JP Morgan Cazenove.

The focus on the retail sector included JD Sports Fashion, which jumped almost six per cent or 29.5p to 539p after its annual profits reached £100 million for the first time.

Like-for-like sales for its main sports fashion outlets were up 13 per cent with "positive momentum" in all territories, helped by a buoyant market for branded athletic footwear.

Rival chain Sports Direct International benefited from JD's results update as its shares rose 24.5p to 670p in the FTSE 100 Index.

Elsewhere in the sector, Dixons Carphone gained two per cent or 8.8p to 445.3p after it announced the sale of The Phone House. a mobile virtual network operator in Germany.

Buoyed by the Next upgrade, Marks & Spencer improved 2.5p to 570.5p but Primark owner Associated British Foods fell 22p to 2955p.

And luxury goods group Burberry rose more than two per cent at one stage after it reported a 9% rise in same-store sales for the six months to March 31.

It has been buoyed by strong demand for the latest versions of its signature trench coats and scarves as well as "exceptional growth" for Burberry's range of ponchos.

The stock, which has risen by about 25 per cent over the last year, was later 45p higher at 1829p.

The biggest risers on the FTSE 100 Index were Sports Direct International up 24.5p at 670p, Sainsbury's up 9.7p at 284.7p, CRH up 54p at 1857p and Babcock International up 27p at 1034p.

The biggest fallers on the FTSE 100 Index were Bunzl down 50p at 1860p, Hikma Pharmaceuticals down 52p at 2173p, International Airlines Group down 12p at 583.5p and Reed Elsevier down 19p at 1150p.