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FTSE consolidates its early advance by lunch on Covid optimism
StockMarketWire.com
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The FTSE 100 held on to its early gains to trade up 1.2% to 6,820.37 by midday on Tuesday. Hopes for a recovery from Covid, boosted by strong economic data from the US and China over the Easter weekend, helped lift travel and resources stocks.
Oil major BP gained 3.3% to 299.4p after it said it was on track to reach its $35 billion net debt target in the first quarter of its financial year.
Disposal proceeds in 2021 were forecast to be at the top end of BP's previously announced $4‑to-$6 billion range, the company said.
Home repairs and improvements business HomeServe fell 1.5% to £11.94 on guiding for annual adjusted pre-tax profit to rise to around £191 million in line with consensus expectations.
Oil company Tullow Oil rose 3.4% to 50.8p after it started a multi-year oil drilling campaign offshore Ghana.
Gene and cell therapy group Oxford Biomedica gained 1.9% to 970p, having signed an agreement with Boehringer Ingelheim for the manufacture and supply of various types of viral vectors.
Software group Sage dipped 0.3% to 623p following news that it had agreed to sell its Swiss business to Infoniqa for around CHF 50 million (£39 million).
Low-cost carrier Ryanair descended 1.3% after its passenger volumes plunged 91% year-on-year as the pandemic continued to roil travel markets.
Rival budget carrier Wizz Air edged up 1.1% to £50.30 as its March volumes fell by a more modest, but still substantial, 73%.
SDCL Energy Efficiency Income Trust fell 0.1% to 112.9p amid news it had agreed to acquire commercial district energy system RED-Rochester from a fund managed by an affiliate of Stonepeak Infrastructure Partners for about $177 million.
Healthcare services provider Totally added 2.1% to 31.2p after its urgent care division won a number of contract extensions worth a combined £17.8 million.
Story provided by StockMarketWire.com
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