FTSE opens 0.2% higher as reopening hopes tempered by inflation fears

Mon, 24th May 2021

UK stocks made modest gains in early dealings on Monday as local businesses continued to report a bounce back in trading activity after lockdowns eased. At 0820, the benchmark FTSE 100 index was up 15.56 points, or 0.2%, at 7.033.61. Cinema group Cineworld firmed 3.1% to 89.55p 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 rallied 2.6% to £14.49 as its annual profit more than doubled thanks to strong demand for digital transformation services. Food packing business Hilton Food gained 0.7% to £12.38 on announcing a 'strong' start to the year that had put it on track to meet its profit expectations. Respiratory diseases focused Synairgen climbed 3.7% to 109.45p after a study showed its inhaled treatment candidate for Covid-19 was effective against variants of the virus. Fashion retailer Ted Baker edged 0.1% lower to 179.8p, 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 flat at £10.18 following news that it had acquired Relationship Science for $7.4 million. Relationship Science was a global relationship-mapping data provider serving financial, professional services and not-for-profit organisations. Precious metals miner Polymetal International rose 0.8% to £17.18 after itsecured $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. Advanced materials provider to the aerospace industry Velocity Composites firmed 0.9% to 22.2p, even as it forecast a first-half loss as the pandemic more than halved its revenue. Safety products investor Marlowe added 0.4% to 780p following news that it had acquired e-learning software platform Cylix for an enterprise value of £1 million. Fibrosis and oncology focused Nuformix shed 1.8% to 2.21p as it announced the resignation of chief scientific officer Joanne Holland and non-executive director Karl Keegan Nuformix also said it had appointed Alastair Riddell as its new chairman. At 8:32am: (LON:CINE) Cineworld Group PLC share price was 0p at 43.84p (LON:ERM) Euromoney Institutional Investor PLC share price was 0p at 966p (LON:HFG) Hilton Food Group PLC share price was 0p at 1156p (LON:POLY) Polymetal International PLC share price was 0p at 1699.5p (LON:SNG) Synairgen PLC share price was 0p at 120p Story provided by StockMarketWire.com

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