FTSE 100 back in the black by the close as Wall Street shakes off political turmoil

Thu, 7th Jan 2021

Taking its cue from gains in the US the FTSE 100 erased earlier modest losses to trade slightly higher by the close, up 0.2% to 6,856.96. The S&P 500 was up 1.5% to 3,802.95 by 4.30pm UK time despite the overnight violence in the Capitol building as investors looked through to president elect Joe Biden's agenda, with potential for greater stimulus efforts after the Democrats secured the Senate. Sainsbury's said total retail sales were up 6.8% in its third quarter trading statement for the 15 weeks to 2 January 2021, while Christmas like-for-like sales were up 9.3%. Its shares climbed 6.9% to 248.5p to 241.5p. Discount retailer B&M European Value Retail lowered its annual earnings guidance, but declared a special dividend after reporting that third-quarter revenue rose by more than a fifth. Its shares ticked up 0.3% to 531.4p. Sports-betting and gaming group Entain upgraded its full-year guidance on a strong final quarter of the year, and said it had made an offer to buy Enlabs AB for SEK 2.8 billion, or about £250 million. Shares rose 0.5% to £14.67. Cairn Energy said its previously announced share consolidation plan would seek to reduce shares in a ratio of 11 new shares for every 13 existing shares. Shares fell 1.8% to 208.4p. Lifestyle brand retailer Joules estimates that stands to lose between £14 and £18 million of revenue should the nationwide lockdown continue through to 1 April. Its share price dropped 5.5% to 171p. Cancer therapies and diagnostics group Avacta said it had entered into a license agreement with Point Biopharma to provide the latter access to its technology for the development of tumour-activated radiopharmaceuticals. Shares fell 6.1% to 131.5p. Specialist drug development company Sareum Holdings has been granted a US patent for its SDC-1802 TYK2/JAK1 kinase inhibitor programme. This programme is in preclinical development and targets cancer and cancer immunotherapy. Its shares were up 15.5% at 2.54p. Story provided by StockMarketWire.com

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