Upbeat Wall Street buoys FTSE 100

A positive session on Wall Street overnight and hopes the Bank of England might be nearing the end of its monetary tightening cycle propelled British shares higher this morning.

The FTSE 100, up for a fourth day in a row, gained 38.56 points, or 0.5 per cent, to 7,535.29 and the more UK-focused FTSE 250 nudged up just 10 points, or 0.1 per cent, to 18,533.17.

Associated British Foods shares advanced 154p, or 7.7 per cent, to £21.55, their highest level in more than two years, after the Primark owner lifted its full-year profit outlook.

Retail stocks moved higher as the market cheered fresh data revealing that grocery price inflation has dropped to its lowest level in more than a year. Sainsbury’s rose 5p,