London’s FTSE 100 was up 0.4% to 7,051.64 by midday on Friday with sterling also higher despite weaker than expected UK GDP growth.
Growth of 0.1% in July compared to a consensus estimate of 0.6%, inhibited by the proliferation of the Delta variant that prevented many workers from being able to participate in the labour market.
Significantly the largest sector of the British economy, the services sector was flat while Industrial output increased by 1.2%.
COMPANY NEWS
Cinema operator Cineworld (CINE) cheapened 0.5% to 62.4p after announcing that it will pay a sum of $170m to dissenting shareholders of Regal Entertainment.
Shares in Fulham Shore (FUL:AIM), operator of the Franco Manca and The Real Greek restaurant chains, gained 3.3% to 18.75p after the company said revenue growth had accelerated in recent weeks.
Over the three weeks to 5 September group revenues increased 27% compared with the same period in 2019, despite the drag from 17 city centre locations where trading is still below pre-pandemic levels.
Shares in precision measurement specialist Spectris (SXS) were 0.5% higher at £40.25 after the group said that it is starting the final tranche of its share repurchase programme for a maximum amount of £200 million.
European logistics property investor Tritax EuroBox (EBOX) fell 0.35% to 114.6p as it announced a £170 million placing and a new development in Germany.
The company revealed a deal to acquire land for the development of a new high specification and sustainable logistics asset in Oberhausen, a location in the Rhine-Ruhr region of Germany.
Separately, Tritax announced plans for a £170 million placing at 111.5p per share to secure the acquisition of a near-term investment pipeline of around €520 million of prime big box logistics assets in key locations in Continental Europe.
OTHER MOVERS
Shares in buy-and-build quarried materials company SigmaRoc (SRC:AIM) gained 2.3% to trade at 113p after it announced a collaboration with paving slabs-to-bollards maker Marshalls (MSLH) to develop ultra-low carbon products for the concrete building materials sector.
Air quality solution specialist Volution (FAN) has completed the acquisition of heat exchanger cells manufacturer Energy Recovery Industries for a consideration of Euro 23.4 million. The shares rose 0.4% to 553p.
Clinical stage biotherapeutics company PureTech Health (PRTC), announced that the US Food and Drug Administration has received fast track approval for its acute myeloid leukaemia treatment Vor Biopharma. The shares were 0.2% higher at 341.5p by lunchtime.
