FTSE 100 up 0.7% ahead of US retail sales

Fri, 14th May 2021

The FTSE 100 built on its early gains to trade up 0.7% at 7,011.66 by midday. The move higher followed a rally on Wall Street overnight with the latest update on retail sales across the Atlantic likely to be in focus this afternoon. Accounting software firm Sage 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 £203 million, down 30% from the first half of 2020. Revenues and operating profit margins are also down. It was up 3.5% to 645.4p. 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 1.1% to 364p. 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 climbed modestly to 201p. Gold production firm Polymetal has received an ISS ESG Corporate rating of B-, placing the firm in the Prime sector. It saw growth, climbing 1.4% to £16. Real Estate investor LondonMetric Property said it had acquired three logistics warehouses in Croydon, Dunstable and Warrington for a combined £18.7 million. It rose 0.8% to 224.8p. 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 135.4p, up 0.7%. Housebuilder 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 1.5% to 427.4p. 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 18.5%, its share price hit 23.7p. Story provided by StockMarketWire.com

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