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UK stocks open 0.9% stronger on recovery hopes
StockMarketWire.com
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UK stocks emerged strongly from a bank holiday long weekend on Tuesday as investors continued to bet on a strong economic recovery, fuelled by vaccine rollouts and dovish monetary policy.
At 0816, the benchmark FTSE 100 index was up 59.63 points, or 0.9%, at 7,029.44.
Retailing group Frasers, formerly known as Sports Direct, rallied 3.5% to 533.5p after it kicked off an up to £60 million share buyback.
Advertising company S4Capital firmed 2.2% to 571p, having upgraded its annual guidance after its first-quarter gross profit jumped 71% as acquisitions boosted sales.
S4Capital also announced that it had acquired Brazilian digital performance agency Raccoon, for an undisclosed sum.
Outdoor advertising group Ocean Outdoor reversed 1.6% to 7.94c as it booked a £184.3 million annual pre-tax loss after its revenue slumped 17% and it wrote down the value of its assets, citing the pandemic.
Subprime lender Provident Financial fell 0.8% to 242.8p after it said it would announce the outcome of a review of its troubled consumer credit business next Monday.
Provident Financial said it had noted recent media coverage regarding the review, including the possibility of a managed run-off of its home credit and Satsuma businesses.
Healthcare investor Syncona climbed 2.3% to 243p on news that portfolio company Gyroscope Therapeutics had set a price range for a planned initial public offering in the US.
Syncona said that range would represent an increase in value of its current shareholding in Gyroscope of £52 million-to-£72 million, or 7.7p-to-10.7p per Syncona share.
Real estate investor Londonmetric Property rose 1.1% to 227.8p as it secured £780 million of refinancing, including a £380 million private debt placement and two revolving credit facilities totalling £400 million.
Student accommodation developer Unite added 1.2% to £11.795 as it extended a London-focused joint venture with GIC by 10 years to September 2032.
Cocktail bar group Nightcap sank 14% to 28.96p, having launched a £4 million share issue, at yet-to-be-determined price, to help fund the acquisition of Adventure Bar, which would see it operate nine more properties.
The maximum acquisition cost for Adventure Bar was £2.5 million, including an initial 1.0 million and up to £1.5 million of deferred consideration, dependent on financial performance.
Infrastructure fund JLEN was unchanged at 110p following news that it had acquired a 50% stake in Britain's Sandridge battery storage project for up to £12.7 million.
Flooring manufacturer Victoria firmed 2% to £10.00 on news that it had acquired Dutch artificial grass and carpets group Edel €49.4 million.
Financial services group WH Ireland shed 1.7% to 56.05p, even as it said it expected to return to the black, with a full-year pre-tax profit of around £1 million, on the back of a 29% rise in revenue.
Story provided by StockMarketWire.com
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