The UK’s FTSE 100 managed to keep its head just above water in early afternoon trade on a typically dead Friday for corporate news. At 12.30pm, the benchmark index had clung on to single-digit gains - about 0.12% - to trade at 7,118.84, putting the blue-chips firmly on track to end the week around 1.5% ahead.
Tantalising investors more is the expectation of an active session on Wall Street when the US market opens at 2.30pm UK time. US stocks are pointing to a positive finish to the week after President Joe Biden’s $600 billion infrastructure deal was agreed, paving the way for investment in roads, bridges and broadband.
Latest data The Dow Jones is expected to jump 106 points to 34,187, although a more modest start is expected for both the S&P 500 and Nasdaq Composite, with single-digit gains anticipated to 4,260 and 14,375 at open respectively.
JD SPORTS TOPS FTSE LEADERBOARD
Trainers-to-tracksuits retailer JD Sports Fashion (JD.) stayed at the top of the FTSE 100 leaderboard with a 3.6% gain to 945p 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 £10.57 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 195p 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) improved 4.5% to 223.6p 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 5% higher to a new 12-month high of 75.7p 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 1.5% to 52.75p 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 7% to 49.22p 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) clipped ahead 2% to 19.5p after kickstarting commercial production of its medical grade Hemp CBD line in partnership with Pure Origin.
