The FTSE 100 Index yesterday continued its upward march as it shrugged off mixed economic news from the US and China.

Chinese retail sales met expectations but were short of the performance seen last year, and industrial production figures were below forecast. But while US firms also kept stock inventories in check, separate figures showed sales in America’s vast consumer sector strengthened in April.

That was enough to push the London market to its eighth consecutive day of gains, rising 6.8 points to 6631.8.

Telecoms company BT was among the fallers as investors took profits from a 12 per cent price surge prior to the weekend, fuelled by better-than-expected results. The stock, which has also benefited from its ambitious plans to compete with BSkyB by offering free Premier League coverage for broadband subscribers, slipped 3.7p to 305.8p.

And Lloyds Banking Group was 0.9p cheaper at 58.1p after it announced plans for the departure of chairman Sir Win Bischoff within the next year.

He said the time was right to go after helping to steer the company into calmer waters since his appointment in September 2009.

In a disappointing session for the banking sector as a whole, Standard Chartered was 30.5p lower at 1552.5p, Royal Bank of Scotland dropped 2.1p to 297.4p, Barclays eased 1.9p to 312.5p and HSBC fell 5.2p to 739.6p.

Internet delivery firm Ocado also posted big gains on Friday but that was wiped out yesterday amid speculation that Waitrose is threatening legal action over Ocado’s planned partnership with rival supermarket Morrisons.

Shares closed down 6.5 per cent or 14.6p lower at 210p, having risen eight per cent in its previous session amid signs of strong trading so far this year.