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FTSE 100 rises as market optimism grows and inflation fears recede
StockMarketWire.com
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The FTSE 100 was firmly higher by midday, building on Monday's gains to trade up 0.7% at 6,767.03.
The market seems to have moved on from its obsession about inflation for now and is in a sunnier mood as it focuses on the more positive implications of an economic recovery.
Telecom group Vodafone was up 2.4% to 129.1p after setting a price range for the initial public offering of its Vantage Towers infrastructure business that would value it at between €11.4 billion and €14.7 billion.
The indicative price range was set at €22.50-to-€29.00 per share, with a base offer size of €2.0 billion, with flexibility to upsize €2.8 billion.
Broadcaster ITV reversed earlier losses to trade 2.3% higher at 124.3p, having reported a 39% dive in annual pre-tax profit amid a 'challenging' advertising environment.
The share-price fall came despite ITV saying its annual performance was nevertheless ahead of expectations, driven by a strong end to the fourth quarter and cost cuts.
Pizza chain Domino's Pizza jumped 9.1% to 338.6p after its profits rose and it announced a £45 million share buyback.
Domino's said its profit was boosted by strength in its delivery business more than offsetting pandemic-led weakness for in-store collections.
Defence contractor Ultra Electronics firmed 4.4% to £20.78, having booked a 14% rise in annual profit as it won new contracts, including for supplying radios to the US Navy and orders for sonobuoy and torpedo arrays.
Ultra Electronics declared a full-year dividend of 56.9p per share, up 5% year-on-year.
Oil company Cairn Energy dropped 3.8% to 191.2p as it booked a full-year net loss of $393.8 million owing to lower oil prices.
Cairn also announced that it was acquiring assets in Egypt from Shell with consortium partner Cheiron, while selling its interests in the UK Catcher and Kraken fields to Waldorf Production.
Book and convenience store retailer WH Smith gained 0.8% to £18.29 on announcing that it was burning through less cash than feared after its high-street business performed better than hoped in January and February.
WH Smith also announced that it had extended the maturity of two existing £200 million term loans to October 2023 and agreed new minimum liquidity covenants.
Property investor Capital & Counties Properties shed 1.3% to 169.8p, having warned that difficult operating conditions for its customers would lead to 'enhanced' levels of vacancy.
The dour outlook came as the company reported a wider annual loss for 2020 as the value of its property portfolio plunged.
Office operator IWG slumped 4.5% to 364.2p as it swung to a £650.2 million annual loss while the pandemic kept workers at home.
IWG said it expected challenging market conditions to prevail 'for a few months to come'.
Aviation services group John Menzies climbed 3% to 242p despite swinging to a deep annual loss after the pandemic hammered the travel sector.
John Menzies said it anticipated a slow increase in volumes through the second quarter of 2021 with a stronger recovery during the second half, though it didn't see a return to 2019 volumes before 2023.
Story provided by StockMarketWire.com
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