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UK stocks open 0.7% higher on vaccine optimism
StockMarketWire.com
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UK stocks opened stronger on Tuesday as investors took heart from progress on Covid-19 vaccine rollouts in the US, Britain and elsewhere.
At 0820, the benchmark FTSE 100 index was up 47.58 points, or 0.7%, at 6,783.75.
Delivery group Royal Mail rose 2.2% to 521.4p on announcing that it would pay a one-off special dividend of 10p per share.
Royal Mail also said its GLS international logistics unit was expected to more than double its operating profit to €500 million over five years.
From the 2020 financial year to the 2025 financial year, GLS also was expected to grow revenue at a compound annual growth rate of around 12%, from €3.61 billion, Royal Mail said.
Tobacco company Imperial Brands shed 0.4% to £15.05 after it stuck to annual operating profit forecasts, first delivered in November, for low-to-mid single digit growth.
Imperial Brands said it was benefiting from rising tobacco prices and improved performance in next-generation products, including vaping.
Power utility SSE edged back 0.5p to £14.555, having reiterated annual earnings guidance after a worse-than-expected impact from weather conditions was offset by a smaller-than-expected hit from Covid-19.
SSE reaffirmed its guidance for adjusted earnings per share in the year through March of between 85p and 90p.
Water utility Pennon dropped 2.2% to 971p on announcing that it was continuing to narrow down potential investment opportunities, having recently reaped £3.7 billion from the sale of Viridor.
Pennon reiterated that it may return a substantial amount of capital to shareholders, should it not find an attractive investment target.
Student accommodation developer Unite firmed 1.6% to £10.88 after itsbold a portfolio of eight properties for £133 million to Aventicum Real Estate.
The disposal portfolio, comprising 2,284 beds included assets in Coventry, Wolverhampton, Birmingham, Exeter and Manchester.
Specialist brick manufacturer Michelmersh Brick added 2.9% to 140p even as it booked a 17% fall in annual profit after the Covid-19 pandemic slowed construction activity and disrupted manufacturing operations.
Michelmersh Brick, however, more than doubled its dividend, citing a strong cash position.
Investment bank and broker Numis gained 3.6% to 393.15p on guiding for a more than 75% jump in first-half revenue.
Packaging company Mpac fell 4% to 525p after it reported a 46% fall in annual profit as the pandemic hit sales, though it said demand rebounded in the second half.
Story provided by StockMarketWire.com
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