Headline shares ended the session firmly higher, shrugging off disappointing trade deficit data, investors happy to concentrate on a more positive outlook on European debt concerns. At the close of business, the FTSE100 was up 50.28 points at 5,433.73 with the FTSE250 ahead 99.04 points at 10,285.96 and the FTSE Smallcaps 22.35 points higher at 2,906.89. US stocks fractionally lower in late morning trade after a downbeat outlook from Cisco dented sentiment for technology issues. Approaching the close in London, the Dow Jones Industrial Average was down 1 point at 10,896, the S&P500 lost 2 points at 1,169 and the Nasdaq Composite fell 4 points at 2,421.

LONDON MARKETS

The London markets made progress today, as European debt concerns eased and the BoE made positive statements following the outline announcement of the new UK government austerity plans. Worse-than-expected UK trade deficit data took the gloss off the gains midday but a late rally kept the FTSE comfortably above 5,400.

Telecoms giant BT Group (LON:BT.A) was the runaway leader, up 13.1p at 133.6p after full-year results came in ahead of expectations. Supermarket operator Sainsbury was another success story, up 10.5p at 338.5p on revealing underlying pretax profits rose to £610m, slightly ahead of forecasts. Tesco (LON:TSCO) added 3.7p at 424.75p and Morrisons rose 5.4p at 275p on the read across.

Staying with retail, midcap electrical retailer Dsg International (LON:DSGI) gained 1.69p at 29.99p after reporting group sales in the second half were up 8% and like for like sales were up 6%.

Financial stocks were well-represented by fund managers in the gainers list, with private equity group 3i (LON:III) the best of them, ahead 20.5p at 288.7p on reporting a 15% return on its portfolio in the year to end-March. Hedge fund manager Man Group (LON:EMG) advanced 1.9p at 229.7p and Schroders (LON:SDR) added 18p at 1,438p.

Insurer Old Mutual (LON:OML) ticked up 1.9p at 120.9p when it said annual premium equivalent sales were up 21% to £397m in the three months to March.

Thomas Cook Group Plc (LON:TCG)> promoted the holiday spirit, up 4.19p at 236.1p after it revealed average selling prices were up by 7% and 12% in the UK and Northern Europe, respectively. Peer Tui Travel Plc (LON:TT.) slipped 0.7p at 264.7p in response but cruise operator Carnival…

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