London's top share index shrugged off hefty falls from blue chip Vodafone today while official figures revealing the UK slipped into deflation also failed to halt gains.
Vodafone's results day slide left the mobile phone giant as one of the session's biggest losers, down 3% after it guided that underlying earnings would be in the range of £11.5 billion to £12 billion in the current financial year against earnings of £11.7 billion in the year to March 31.
The FTSE 100 Index closed 26.2 points higher at 6995.1 as solid gains for property firms and financials offset falls for Vodafone and heavily-weighted miners.
On Wall Street, the Dow Jones Industrial Average clung close to its opening mark as trading paused for breath after hitting a new record high overnight.
Major markets in Europe rallied after a European Central Bank official said the bank would step up its stimulus programme, sending the Dax in Germany and Cac 40 in France more than 2% higher.
In London, attention was also focused on the pound after the Consumer Price Index (CPI) measure of inflation dipped to minus 0.1%, fuelling expectations that interest rates will remain on hold at 0.5% for the rest of this year.
The inflation figure is the lowest level on record and meant sterling dipped by nearly 1% to 1.55 against the US dollar. It was up slightly against the euro at 1.39.
Corporate news was dominated by Vodafone and while chief executive Vittorio Colao painted an upbeat picture for the company, with signs of stabilisation in troubled European markets and increased 4G coverage, shares still slid 7.5p to 226.6p.
One of the biggest rises in the FTSE 100 Index came from Land Securities after the property firm reported a 26% jump in its net asset value for the year to March 31.
The company boosted its dividend by nearly 4% and pointed out that its prospects have been boosted by a continued shortage of high-quality commercial property in the UK. Shares were 52p higher at 1363p in a session when other firms in the sector also did well.
Shopping centre firm Intu Properties rose 10.7p to 354.1p and Hammerson lifted 15p to 703.5p.
Among financial stocks, Old Mutual rose 3% or 6.3p to 236.1p.
Outside the top flight, shares in price comparison site Moneysupermarket dropped 3% - off 8.4p to 294.1p - after founder Simon Nixon cut his stake in the company to 12.8%. He will remain on the board as a director.
Premier Foods was 1.25p cheaper at 45.75p after the maker of Mr Kipling cakes and Bisto gravy said trading profits dipped 6% to £131 million.
The biggest FTSE 100 risers were Coca-Cola HBC up 61p to 1480p, Land Securities 52p higher at 1363p, Intu Properties ahead 10.7p to 354.1p and Hikma Pharmaceuticals 57p stronger at 2128p.
The biggest FTSE 100 fallers were BHP Billiton down 57.5p to 1405.5p, Fresnillo off 28p to 764.5p, Vodafone 7.5p lower at 226.6p and Rio Tinto 78p weaker at 2847p.
ends
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