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FTSE 100 just in positive territory as US stocks primed to make further gains
StockMarketWire.com
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The FTSE 100 was just about on course to end the week on a high point by Friday lunchtime. By midday the index was up a handful of points up 6,863.57, extending its stellar start to 2021.
Wall Street stocks hit record highs on Thursday after Congress confirmed Joe Biden as the winner of the presidential election, boosting hopes for additional economic stimulus. US futures suggested this momentum would be sustained when trading resumes later.
Asian shares also climbed, with the Nikkei hitting a 30-year high.
Marks & Spencer reported a slump in profits in the run up to Christmas as trading restrictions resulting from the Covid-19 pandemic continue to take their toll.
The company said total group revenues fell 8.4% to £2.7 billion in the 13 weeks to 26 December.
Shares dipped 1.6% to 139.1p, giving up earlier gains.
Barratt Developments said it expected to resume dividend payments in February, and the homebuilder lifted its expectations on annual completions following a better-than-expected first half. The company said it now expected wholly owned completions to be between 15,250 and 15,750 homes in FY21, up from a previous forecast of 14,500 to 15,000.
Its shares rose 3.5% to 713.1p.
Reach, the owner of the Daily Mirror and Daily Express newspapers, said it expects profits to beat market expectation after a surge in online revenue. Its shares surged 19.6% to 210p.
Rentokil Initial said it has acquired Tampa-based pest control company Environmental Pest Service. The company said that for the full year ending 31 December 2020, it had acquired 23 new businesses with annualised revenues of over £150 million, for a cash spend of £180 million.
Shares rose 2.5% to 544.2p.
Pets at Home Group has raised its profit expectations following a strong third quarter. It said it expects full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9 million, to be at least £77 million in a third quarter trading update.
Its share price moved higher by 6.9% to 446.2p.
Components and solutions company Essentra said it had seen improved performance in the final quarter of its fiscal year and expected to deliver full-year operating profit in line with market expectations. Market consensus for operating profit was in the range of £59 million to £63 million.
Share went up 3.8% to 330.6p.
Real estate group Harworth said it had sold its Bilsthorpe business park in Nottinghamshire for £4.6 million in two separate transactions.
Its shares rose 4.9% to 107p.
Story provided by StockMarketWire.com
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