By midday the FTSE 100 was up 30 points or 0.4% to 7,165, just shy of its mid-morning print of 7,188, a new 12-month post-pandemic high.
Brent crude prices traded 1% higher to $73.4 a barrel, near the year’s highs as the global economic recovery boosted prices. Last week Goldman Sachs raised its target price for Brent crude to $80 a barrel.
Overnight, markets in Asia were mixed with Japan's Nikkei index gaining 0.8% while China’s SE Composite fell 0.6%.
The firm also announced its joint venture company with France's Engie had been awarded two significant contracts by the UK Ministry of Defence worth an initial £900 million in revenues over the next seven years.
With add-on work, the contracts could be worth £3.4 billion in total, with Serco sharing half the profits. Shares jumped 4.7% to 142p.
The acquisition marks the firm's first investment in a large-scale biomass combined heat and power plant and reflects Jlen’s strategy to diversify its assets and secure ‘strong’ inflation-linked revenue streams. The shares were unchanged at 102.5p.
Distributer of plumbing and heating products company Ferguson (FERG) said it had entered into an agreement with JP Morgan to purchase up to £92.7 million worth of shares starting on 14 June and ending no later than 31 July 2021.
On 22 March the company obtained shareholder approval to purchase a maximum of 22.5 million shares. The shares added 0.8% to £96.51.
Founded in 1990 and headquartered in Los Gatos, California, Infogain provides human-centred digital platform engineering services to its customers. The shares gained 0.6% to 196p.
Income comprised of investment gains of £276.3 million, up from £40.8 million and fee income of £12.5 million, up from £11.3 million. Net asset value per share increased by 34% to 743p.
In a separate statement, the company announced plans to raise about £111 million through the placing of shares a discount.
The company intended to sell 13,902,778 shares at a price of 800 pence share, representing a discount of about 4.6% to the closing mid-market price of 839 pence per ordinary share on 11 June 2021. The shares dropped 0.8% to 834p.
Shares in alcoholic drinks maker Distil (DIS:AIM) gained 8% to 2.4p after the company reported that full-year pre-tax profit to 31 March increased by 33.5% to £243,000 as turnover jumped 48% to £3.6 million.
RedLeg Spiced Rum and Blackwoods Gin were the key performance driver with both brands posting a 50% increase in revenue, ahead of the wider spirts market.
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