The FTSE 100 ended the week just short of the 5,300 mark, posting its third consecutive day of gains after shaking off disappointing economic data in the US.

The benchmark index closed 19.88 points higher at 5,296.38, its highest close in 14 months. Trading volumes proved tepid most of the day and sentiment briefly turned negative after a survey compiled by Reuters and the University of Michigan pointed to the lowest US consumer confidence levels in three months.

Most of the strength was provided by property companies ahead of British Land’s results next Tuesday. The company was up 13½p to 498¼p and led a spike in the sector with Liberty International up 19p at 504p, Hammerson gaining 10p at 445p and Land Securities putting on 16p to hit 726½p.

Imperial Tobacco enjoyed further support in the City after strong results this week. Analysts rolled up to raise price targets and dismissed accusations that the Gauloises and Lambert & Butler maker’s market share is going up in smoke.

Adam Spielman, an analyst at Citigroup, noted the argument from Japan Tobacco that it is gaining market share at the expense of Imperial. However, he added that data from AC Nielsen, the market research firm, tends to support the British company’s thesis that it is losing share but much less severely than its Japanese rival is making out.

Citigroup raised its price target on the stock to £20.70 from £18.40, while Evolution Securities increased its target to £24 from £21, arguing that Imperial is undervalued by its current share price. The positive comments helped drive a 13p rise in the shares to £18.98.

Also among the risers was Johnson Matthey, up 37p to £15.58, after Bank of America Merrill Lynch upgraded the stock to “buy” from “neutral” and raised its target price to £17.30. Analysts hope the company may have benefited from increased sales of automotive components on the back of government stimulus spending.

BG Group also had a strong day, gaining 21p to £11.04, after the energy giant reported that it had come across hydrocarbons at the Tupi North-East well in the Santos Basin, Brazil.

It was a mixed day for the miners. Anglo American, up 47p at £25.49, and Rio Tinto, up 32p at £31.32, proved popular, while Eurasian Natural Resources lost 23½p to 883p as Nomura brought down its price target to 965p from £10.10. Kazakhmys also dropped after Nomura cuts its rating to “reduce” from “buy”, which triggered a 12p decline to £12.58.

Amec, the support services company, remained weak after Thursday’s disappointing trading update. It lost 21p to 801½p after Société Générale cut its rating on the shares to “hold” from “buy”.

Rival Balfour Beatty fared better, rising 5p to 274p, after making a small acquisition in the US. The company has paid $25 million (£15 million) to buy SpawMaxwell, a deal that FinnCap analyst Les Kent argued will bolster its RT Dooley construction unit. He expects further deals of this nature as Balfour Beatty continues to build its footprint in the US.

New York: The Dow Jones industrial average closed up 73.00 points at 10,270.47, bolstered by upbeat retail news ahead of the Christmas shopping season.

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