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FTSE 100 recovers above 7,000 after US markets rebound

Fri, 14th May 2021

The FTSE 100 index recovered slightly Friday morning, taking cue from a rebound in US stocks a day earlier, opening at 7,002.53, up 39.20 points. Yet, concerns around the Indian Covid variant, both domestically and abroad, are heightening. The Sage Group has seen its operating profits and revenue drop for the first half of the year, but the company expect organic recurring revenue growth to be strong for the financial year, driven by growth in its cloud business. For the six months ending 31 March, the company reported an operating profit of £203m, down 30% from the first half of 2020. Revenues and operating profit margins are also down. It opened at 636.99p per share. Infrastructure investor John Laing said it wrapped its investment in the Colombian road public private partnership project Pacifico 2 after receiving all necessary approvals. Its share price rose slightly to 360.66p per share. Private equity fund Apax Global Alpha said Global-e, a provider of cross-border e-commerce solutions, had made its public market debut on the Nasdaq Global Select Market on 12 May 2021. It broke the 200-barrier this morning, climbing modestly to 200.22p. Gold production firm Polymetal has received an ISS ESG Corporate rating of B-, placing the firm in the Prime sector. It saw growth, climbing to £15.97 per share, up over 1%. Real Estate company LondonMetric Property said it had acquired three logistics warehouses in Croydon, Dunstable and Warrington for a combined £18.7 million. It recovered from an early fall, rising to 225.6p per share. Irish based resource development company Providence Resources has announced the appointment of James Menton as the senior independent non-executive director with immediate effect. It opened up over 1% to 3.54p per share. Real estate investment trust LXi REIT said it had acquired Cazoo click & collect facility in Doncaster and two additional drive-thru coffee units in Edinburgh and Dumbarton for a combined £6.1 million. Its share price rose to 136.4p, up 1.5%. Home builder Crest Nicholson said it expected profit to receive a one-off boost after it agreed to sell its 50% stake in Longcross Studio, a film studio, to Longcross General Partner, an Aviva Investors company. Its share price rose over 2% to 430.40p per share. Supplier of advanced composite kitting solutions Velocity Composites has signed a new three-year contract with a major Tier 1 aerostructures manufacturer based in Hampshire. Rising by over 20%, its share price grew to 24p per share. Story provided by StockMarketWire.com

FTSE 100 Latest
Value7,051.48
Change-26.87