London’s FTSE 100 closed three points higher to 7,022.61 as stocks on Wall Street made a strong start ahead of US President Joe Biden’s budget announcement, where he’s expected to unveil the biggest Government spending since the Second World War.
Biden’s mega $6 trillion proposal would amount to more than one quarter of the United States’ gross domestic product and see annual spending rise to a projected $8.2 trillion by 2031.
In mid-morning trading stateside stocks flirted with record highs as the S&P 500 gained 0.33%, while the Dow Jones was up 0.34% and the tech-heavy Nasdaq increased 0.5%.
COMPANY NEWS
On a typically quiet Friday for corporate news, pharmaceutical giant AstraZeneca (AZN) fell 0.6% to £80.53 even after the European Commission approved its Tagrisso drug to treat patients with a type of early-stage lung cancer.
Irn-bru maker AG Barr (BAG) dropped 1.5% to 522p despite making a strong start to the new fiscal year, with the easing of lockdown restrictions boosting its sales with the return of demand from the hospitality and leisure sectors.
Fulham Shore (FUL:AIM) said it has been encouraged by trading since its restaurants reopened for indoor dining, sending its share price nearly 5% higher to 16.5p.
The restaurateur, which operates the Franco Manca and The Real Greek chains, said that in the period from May 17 - 23, like-for-like sales were down 8% on the corresponding period of 2019, i.e. pre-pandemic.
Golden Saint Technologies (GST:AIM) has been a big riser on Friday, jumping 10% to 1.59p after signing a collaboration agreement with Singaporean blockchain payment solution provider Wise MPay.
Care-based housing and healthcare investor Civitas Social Housing (CSH) said it had completed the acquisition of 10 supported living properties across Hertfordshire, Essex, Suffolk and Wales for £8.6 million.
The properties are leased to Inclusion Housing Community Interest company, with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per annum and a maximum indexation of 4% per annum.
Civitas Social Housing’s share price moved 0.7% higher to 118.4p.
The Edinburgh Investment Trust (EDIN) declared a special dividend after reporting a net asset value returns that topped its benchmark as markets rebounded.
For the year to 31 March 2021 net asset value on a total return basis was 34.8% up, compared with a total return of 26.7% for the FTSE All-Share Index, the trust’s benchmark.
Edinburgh Investment Trust’s share price rose 0.5% to 635p.
