An easing of energy crisis fears and a positive start to trading on Wall Street helped the FTSE 100 to a solid finish on Thursday. By the close, the blue chip benchmark was up 1.2% at 7,078.04 points, while the FTSE 250 finished 0.77% higher at 22,559.22.

In the US the S&P 500 was up 1.35% to 4,422.55 by 4.30pm UK time.

Wall Street’s indices pushed higher after a temporary agreement was struck to raise the debt ceiling across the pond. The news followed another boost to shares from decent jobs figures which suggest the labour market is getting back on track after putting the disruption from Hurricane Ida and a summer spike in COVID cases behind it.

MINERS IN DEMAND

Miners dominated the FTSE 100 leader board with Antofagasta (ANTO) gaining 5.1% to £13.47, Anglo American (AAL) marked 5.5% higher to £26.65 and Fresnillo (FRES) firming 1.4% to 807p on the rebound in Chinese stocks.

Online trading platform CMC Markets (CMCX) forecast a decline in first-half revenue following a more subdued period of client trading activity since the beginning of the year.

Operating income for the six months to 30 September 2021 was expected to be around £126 million. Leveraged trading revenue was anticipated to decline to £100 million from £200 million, on a year-on-year basis. Shares eased 2.7% lower to 269.5p.

Packaging company Mondi (MNDI) reported an increase in earnings as a result of robust volume growth coupled with higher prices. Earnings before interest, tax, depreciation and amortization or EBITDA for the third quarter increased by 27% on a year-on-year basis to £388 million. Shares gained 1.7% to £18.19.

Oil major Royal Dutch Shell (RDSB) cautioned that elevated natural gas and electricity prices would have a significant impact on its quarterly revenue. The group also highlighted the impact of disruptions caused by Hurricane Ida.

Third quarter earnings and cash flow are expected to be negatively impacted by approximately $400 million. However, shares traded 1.2% higher at £16.83.

Leisure cruise operator Carnival Corporation (CCL) edged 0.9% higher to £16.64 after announcing that its cruise company, Carnival Cruise Line, planned to restart more operations in January and February.

Ventilation company Volution (FAN) reported a 106% increase in pre-tax profit to £30 million and resumed dividends with a total payment for the year of 6.3p, although the shares cheapened 1.8% to 466p.

IN OTHER NEWS

Shares in Pendragon (PDG) motored 6.9% higher to 18.70p after the car retailer raised underlying pre-tax profit guidance for the current calendar year from the previous £55 million-to-£60 million range to roughly £70 million.

The Nottingham-headquartered automotive dealer said performance remained strong during the third quarter, with new vehicle supply shortfalls offset by margin strength in both new and used cars as well as cost and efficiency savings.

Flexible offices provider Workspace (WKP) gained 4.9% to 837p after posting a positive trading update for the quarter to September thanks to a pick-up in both rents and occupancy.

Premium bar operator Revolution Bars (RBG:AIM) shot 11.8% higher to 25.2p after it said first quarter trading was well ahead of expectations.

Since all pubs and bars restrictions were removed in England on 19 July, two weeks into the company’s new financial year, it has seen strong demand from party revellers which pushed like-for-like sales up 21% in the period to 2 October compared with pre-pandemic levels two years ago.

And online women’s fashion brand Sosandar (SOS:AIM) strutted 17.1% higher to 29.5p as it reported a very strong first half to September with revenue up 184% year on year to £12.2 million, continued improvement in EBITDA and a record start to autumn trading.

Sosandar also stressed it has not experienced any material impact from supply chain disruption and is well stocked for the autumn season, across both its own site and third parties, with ‘good visibility of incoming goods’.

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Issue Date: 07 Oct 2021