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FTSE higher after Fed reassurance, construction recovery

Thu, 8th Apr 2021

The FTSE 100 was off its highs but still on course for a third day of positive progress post the Easter break as minutes from the latest US Federal Reserve meeting helped calm fears over rate rises and UK construction rebounded strongly. By midday the index was up 0.3% to 6,907.84. Fashion retailer ASOS has dipped 1.1% to £57.22 on the news it has raised its full-year expectations after reporting a jump in first-half profit as sales were boosted by a pandemic-led surge in online shopping. For the six months ended 28 February, pre-tax profit rose 253% to £106.4 year-on-year, as revenue jumped 25% to £1.98 billion. Johnson Matthey has advanced 2.4% to £31.84 on the news that the chemicals company upgraded its outlook on annual operating performance following a 'materially stronger' second-half recovery from the pandemic impact. Homewares retailer Dunelm is 2.3% higher to £13.79 after reporting that it expected profit to be 'modestly ahead' of the top of the current range of market expectations. Anglo American has risen 1.5% to £30.32 after the mining giant said it has demerged its thermal coal operations in South Africa as it seeks to move away from thermal coal and decarbonise its operations. British Land has lost 0.3% to 516.6p following the news it has pre-let nearly 30% of office space at 1 Broadgate to real estate services firm JLL on a 15-year term. Morgan Sindall has gained 1.5% to £18.74 after it announced the appointment of Vodafone director Kathy Quashie as a non-executive director, with effect from 1 June 2021. Segro has nudged up 1.6% to 974.8p after it reported 'continued strong rent collection for the first and second quarters of 2021'. The property investor said it had collected 97% of all rents due from both its UK and Continental Europe portfolios for the first quarter of 2021. Specialist lender OSB Group has fallen 0.4% to 454.6p after it reported a 9% drop in annual earnings and said underlying pre-tax profit fell slightly to £346.2 million for the year ending 31 December 2020, from £381.1 million a year prior. Story provided by StockMarketWire.com

FTSE 100 Latest
Value7,129.71
Change53.54