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FTSE 100 closes up 0.5% as US opens strongly on recovery optimism

Mon, 24th May 2021

Bolstered by a rally in oil and bitcoin and a strong open on Wall Street, the FTSE 100 closed Monday up 0.5% at 7,051.59. By 4.30pm UK time the S&P 500 in the US was up 1.1% at 4,200.50 amid increasing optimism over the recovery Cinema group Cineworld firmed 3.2% to 89.6p after it said ticket sales for its opening weekend in the UK exceeded its expectations, led by the success of 'Peter Rabbit 2: The Runaway'. Cineworld added that in the US, following the opening of an additional 167 cinemas, over 97% of its cinemas had resumed operations. IT provider Kainos fell 1.6% to £13.89, erasing earlier gains, as its annual profit more than doubled thanks to strong demand for digital transformation services. Food packing business Hilton Food dipped 0.3% to £12.26 on announcing a 'strong' start to the year that had put it on track to meet its profit expectations. Respiratory diseases focused Synairgen climbed 22.6% to 129.5p after a study showed its inhaled treatment candidate for Covid-19 was effective against variants of the virus. Fashion retailer Ted Baker fell 0.2% to 179.7p, having pushed back the release of its annual results to 10 June due to auditing delays caused by the pandemic. Ted Baker confirmed that its results would be in line with consensus expectations. Information service and events provider Euromoney Institutional Investor was up 0.6% at £10.24 following news that it had acquired Relationship Science for $7.4 million. Relationship Science is a global relationship-mapping data provider serving financial, professional services and not-for-profit organisations. Precious metals miner Polymetal International rose 0.6% to £17.15 after it secured $400 million of sustainability linked financing in two loans, obtained from Raiffeisenbank and UniCredit. The loans to Polymetal had interest rates linked to greenhouse gas emission intensity reduction targets. Safety products investor Marlowe fell 0.5% to 773.5p following news that it had acquired e-learning software platform Cylix for an enterprise value of £1 million. Story provided by

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