The FTSE 100 made a decent start to the second half as the market awaits UK manufacturing data and unemployment figures from the EU.
At 9am the FTSE 100 was up 1.1% at 7,119 led by consumer stocks and house builders.
COMPANY NEWS
Primark owner AB Foods (ABF) raised its guidance for full year pre-tax earnings to 'not less than £550 million' against market estimates of £525 million.
The firm said trading at both the clothing retailer and its sugar division was ahead of previous management forecasts. Shares gained 4.4% to £23.14, topping the FTSE leader board.
Sports retailer JD Sports Fashion (JD.) said it was on track to deliver profit of at least £550 million following encouraging reopening in the UK and enhanced demand in the US as the government rolled out further stimulus cheques. Its share price rose 3.41% to 950.35p.
SSE-owned Scottish and Southern Electricity Networks Distribution has published its draft business plan for 2023 to 2028, setting out how it will accelerate investment in its networks and services to power communities to net zero. SSE's share price gained slightly following the report, rising 0.63% to £15.10.
Network International Holdings (NETW) shares rose 2% to 373p as it said it is 'making good progress' in closing the acquisition of DPO group, having gained the necessary regulatory approvals.
Online electrical retailer AO World (AO.) reported a sharp increase in annual profit as revenue was driven by the continued shift to online shopping.
For the year ended 31 March 2021, pre-tax profit jumped 1,900% to £20 million year-on-year as revenue increased 62% to £1.66 billion.
Building materials supplier Grafton (GFTU) said it had entered into an agreement to sell its traditional merchanting business in the UK for an enterprise value of £520 million to Huws Gray. Its share price was up 2.88% at £11.80 following the announcement.
Power company Drax (DRX) said it had agreed to acquire a 20% stake in Alabama Pellets, the joint venture which owns the Demopolis and Aliceville pellet plants, from The Westervelt Company, for $29.7 million. The share price remained relatively flat at 425.80p.
Listed infrastructure investment company International Public Partnerships (IPP) said it had reached financial close on a new police headquarters in South-East Hesse in Offenbach, Germany. The share price remained stable at 167.34p.
Shares in software company Aveva (AVV) share price rose 3.13% to £38.24 as it unveiled new financial targets following a 'good' start to fiscal 2022. The company achieved approximately 10% revenue growth in the first two months of the financial year.
Specialty plastics maker Biome Technologies (BIOM:AIM) warned that revenues this year and next year would be 'materially below' market forecasts after a US customer delayed orders due to issues at its plant.
The firm also blamed delays and cancellations in transporting its products by sea. Shares crumbled 30% to 339p.
FOR A LIST OF FTSE 100 GAINERS AND LOSERS SEE HERE
