FTSE back to pre-pandemic level after commodity prices boost miners

Thu, 15th Apr 2021

The FTSE 100 gained 0.52% to 6,970 by lunchtime on Thursday, extending its upward trajectory in recent days and taking it back to pre-pandemic levels, after a jump in commodity prices boosted the miners in the index. Rio Tinto, BHP and Anglo American were all trading higher by midday. AO World rose 2% to 324p after the white goods online retailer said it expected to report annual adjusted profit in line with market expectations following a strong final quarter to the fiscal year. For the year ended 31 March 2021, adjusted EBITDA, or profit before tax, depreciation, amortisation, net finance costs, and other adjusting items, is expected to be in the range £63 million to £72 million, up from £19.6 million and in line with market consensus of about £66 million. Gambling company Entain gained 1.5% to £16.31 after making a 'strong' start to the year, with online gaming revenue rising by 33% in the first quarter of the year. Total revenue for the quarter fell 13%, weighed down by its retail business, which was 'significantly impacted by Covid restrictions with almost all shops entirely closed for the quarter,' the company said. Food delivery company Deliveroo dropped 1.5% to 266.2p after warning that growth would slow as Covid-19 lockdown restrictions eased. The company, however, still stuck with its full-year for annual gross transaction value rising 30%-to-40% with gross margins of 7.5%-to-8%. Analytics and eCommerce optimisation company Ascential increased 1.2% to 359.6p after acquiring Toronto-based Perpetua Labs, an eCommerce media optimisation business, for an initial $52 million. Royal Dutch Shell edged 0.4% higher at £13.70 after saying it has prepared this Energy Transition Strategy publication, which is designed to bring the company's energy products, services, and investments in line with the temperature goal of the Paris Agreement, for submission to a shareholder advisory vote. The AGM, which will be webcast, is scheduled for 18 May, 2021. In the FTSE 250, cell and gene therapy group, Oxford Biomedica was up 0.8% to £10.48, after reporting total revenues increase by 37% to £87.7 million in the year ending 31 December 2020. Wizz Air, meanwhile, was down 0.7% to £48.30 after reporting it is expecting to report a net loss of €570-590 million and a full year underlying loss of €475-495 million for F21, as it continues to battle the impact of the Covid-19 pandemic and the ongoing uncertainty surrounding travel restrictions. Travis Perkins rose 1.7% to £16.71 after reporting an 'encouraging start to the year', as like-for-like sales grew 17.4%. Story provided by StockMarketWire.com

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