London’s FTSE 100 firmed 0.36% to 7,052.58 on Friday, while the FTSE 250 improved 0.53% to 23,758.83, as steadying Asian markets and a potential easing of UK travel restrictions provided the backdrop for some decent gains heading into the weekend.
Airlines and other stocks whose fortunes are tied to the travel industry, including International Consolidated Airlines (IAG), TUI (TUI) and WH Smith (SMWH), were in demand on hopes for the relaxation of international travel rules.
Government ministers are looking to scrap the requirement for the double-jabbed returning to the UK to take PCR tests and the traffic light system would be scrapped.
This cushioned the blow from a disappointing 0.9% month-on-month UK retail sales decline in August, the fourth successive monthly decline, as spending patterns continued to normalise and the sector was impacted by staff shortages.
The merger marks a ‘significant first step towards building a third practice area around technology services’, said S4 Capital.
Safestay (SSTY:AIM) surged 20% higher to 24p after the hostels operator company said it will undertake a review of strategic options including the sale of the company, having received a ‘very early’ stage potential takeover approach.
The company said it has made progress on its strategy to protect the business and secure capital to enable it to re-emerge strongly from the pandemic, the cost base has been ‘substantially’ reduced and it has completed the sale of two assets to raise £16.8 million.
Venture capital investor Draper Esprit (GROW) gained 1.5% to £10.56 after it reported a significant uplift in the value of its stake in Cazoo following the online used car seller’s recent listing on the New York Stock Exchange.
OTHER RISERS AND FALLERS
Sustainable wood products maker Accsys Technologies (AXS:AIM) edged 1.6% higher to 157.5p on news it has made a ‘strong’ start to the financial year with revenue and volumes in growth amid ongoing consumer demand and uptick in prices in its wood elements products.
Marking the fund’s first strategic step into the UK energy storage sector, the joint venture is targeting the establishment of up to 250MW in projects with £100m in invested capital and has already signed its first acquisition of a 50MW standalone battery storage project.
Gold exploration and development company Goldstone Resources (GRL:AIM) plunged 12% to 10p on news plans to bring the Homase mine within its Akrokeri-Homase gold project in Ghana into production have suffered a setback amid struggles to secure government approval to use a rented gold elution facility.
Faron Pharmaceuticals (FARN:AIM) sparked up 6.7% to 440p after the company said updated results from an early-stage trial showed that its cancer drug was well tolerated and had the potential to increase survival in patients with a variety of late stage solid tumours.
Growth and turnaround investment company Volvere (VLE:AIM) improved 0.8% to £13 as it reported narrowed first half losses as revenue was bolstered by the performance of Shire Foods, its frozen pie and pasty manufacturing business.
‘The group remains in a strong financial position with significant cash reserves and is poised to take advantage of any investment opportunities arising from reducing levels of UK government support schemes,’ insisted the company.