The UK’s FTSE 100 gained strength through the afternoon session on Friday to end up on the day and finish the week around 1.7% higher.
At the close, the UK benchmark index was 26.10 points, or 0.4% higher at 7,136.07, just below the day’s peak of 7,139.08 and well above the session low of 7,109.79.
On Wall Street around London’s close, the Dow Jones Industrials Average was 234 points, or 0.7% higher at 34,431, while the broader S&P 500 index gained 0.3%, but the tech-laden Nasdaq Composite - which has outperformed this week - was only up 0.01%.
US stocks are pointing to a positive finish to the week across the Atlantic after President Joe Biden’s $600 billion infrastructure deal was agreed, paving the way for investment in roads, bridges and broadband.
JD SPORTS TOPS FTSE LEADERBOARD
Trainers-to-tracksuits retailer JD Sports Fashion (JD.) stayed at the top of the FTSE 100 leaderboard with a more than 4% gain to 952.6p on a positive read-across from better-than-expected quarterly results from US sportswear giant Nike overnight.
In corporate news, UDG Healthcare (UDG) edged up 1% to £10.56 as US private equity firm Clayton, Dubilier & Rice said it is mulling an improved and final takeover offer for the healthcare services group at £10.80 per share.
Marshall Motor (MMH:AIM) revved up 2% to 195.5p after the automotive dealer upgraded profit guidance, despite prevailing industry uncertainties, in an unscheduled trading update.
The car retailer now expects to report an ‘exceptionally strong first half performance in both profit and cash generation’ and sees full year pre-tax profits coming in ‘significantly ahead’ of market expectations.
This reflects ‘a recent unprecedented used vehicle value appreciation and favourable demand-to-supply conditions for both new and used vehicles’ as well as the group’s continued ‘strong outperformance’ of the wider new and used car markets.
Elsewhere, UP Global Sourcing (UPGS) rallied 6.5% to 228p after raising £15 million to fund the acquisition of Salter, the bathroom and kitchen scales brand, for which CEO Simon Showman sees ‘significant potential as part of our strong portfolio of value focused consumer goods brands’.
Central Europe-focused freight management company Xpediator (XPD:AIM) raced 4% higher to a new 12-month high of 75p after hiking full year profit guidance thanks to strong trading.
OTHER RISERS AND FALLERS
Asset management industry services provider MJ Hudson (MJH:AIM) was marked up 1% to 52.5p on the acquisition of fintech risk specialist Clarus Risk for an initial consideration of £1 million and a three year consideration of up to a further £2.5 million.
In-content advertising company Mirriad (MIRI:AIM) leapt 8% to 49.5p after inking a new commercial agreement with Tencent, China’s biggest online video streaming platform by subscriptions, following two years of successful collaboration.
Tencent and Mirriad will now work together to further scale in-content advertising in the fast-growing Chinese market.
Remote Monitored Systems (RMS:AIM) rallied 10% to 1.15p after the surveying services company announced that its new anti-viral mask has been approved by the UK’s Medicines and Healthcare products Regulatory Agency.
Medical cannabis research and development minnow Kanabo (KNB) lost earlier gains to close flat at 18.9p after kickstarting commercial production of its medical grade Hemp CBD line in partnership with Pure Origin.
