Market overview: FTSE closes up 35 points at 6,723
Friday 17 May 2013

1630: Today's session ended firmly higher, up 98 points on the week. RBS led the risers after UBS lifted its rating for the global banking sector from 'underweight' to 'overweight', saying that the operating environment is beginning to improve. The other major news of the day was the finalisation of the tie-up between Morrison and Ocado, which will provide its technology, logistics and distribution operations to the supermarket chain. In economic news, BoE policymaker Martin Weale has dashed hopes that incoming Governor Mark Carney will implement further monetary stimulus to lift the economy.

1455: The University of Michigan's preliminary reading on US consumer sentiment rose to 83.7 in May, from 76.4 in the month before and versus expectations for a reading of 77.5. Both the current conditions and expectations subindices registered large gains. FTSE 100 up 35 to 6,723.

1401: Shares of Ocado continue to lead gains on the FTSE 350 after what the FT Alphaville is describing as a "linkup [that] is rather deeper than expected, and comes with a more hefty price tag." The well-known real time financial news blog is also highlighting the fact that today's moves are not as much a result of 'short-covering' as one might be inclined to think. FTSE 100 up 26 to 6,714.