Bright Start for FTSE 100
The FTSE 100 got off to a strong start this morning, taking its cue from Wall Street, which broke new highs overnight. Miners are leading the index, which is up by 55 points already, at 6,832.93. UK public finance data, and CBI’s distributive trends update both look to be positive.
The FTSE 100 had a tepid start to the week, with the surge in the pound dragging the index down yesterday. However, as metal prices increase, the mining sector is helping the index to recover.
The poorest performer of the morning was Compass, who dropped three percent after reporting slower than expected growth in revenues. The firm says that its underlying revenue at constant currencies is up by five percent, to £19.9 billion in the year to the end of September; compared to an expectation of 5.2 percent revenue growth.
Copper prices are up by two percent, and this has boosted mining shares. Anglo American gained 5.3 percent during early trading, while BHP Billiton gained 4.3 percent. Meanwhile, the poorest performer fo the day was Compass, whose shares fell by three percent after the firm reported that it had seen slower than expected revenue growth.
In the FTSE 250, Entertainment One, the owner of the Peppa Pig franchise, was the poorest performer of the day. The production company reported that Giles Willits, it’s finance head, was departing the company, and said that it had seen pre-tax profits fall by 80 percent, due to increasing sales and administration expenses.
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