FTSE hits 14-month closing high; HSBC advances

LONDON: Britain's FTSE 100 share index hit a 14-month closing high on Friday as gains in HSBC and commodity stocks outpaced weaker defensives, with British Airways also up after agreeing to merger terms with Iberia.

The FTSE 100 ended up 19.88 points, or 0.4 per cent, at 5,296.38 points -- the highest close since September 2008. The index is up 2.9 per cent this week and has rebounded 53 per cent since hitting a six-year trough in March.

Heavyweight bank HSBC, up 1.2 per cent, added the most points to the index, with traders citing market talk that it may increase its dividend. The stock
is up 8.5 per cent this week, with investors cheered by strong results released on Tuesday.