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FTSE opens 0.5% higher on global recovery hopes
StockMarketWire.com
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UK stocks opened higher on Wednesday as positive manufacturing data on both sides of the Atlantic stoked recovery hopes, with investors awaiting the release of key US jobs later this week.
At 0817, the benchmark FTSE 100 index was up 35.68 points, or 0.5%, at 7,116.14.
Budget carrier Wizz Air ascended 1.3% to £49.37, even as it swung to a €576.0 million annual loss after the pandemic sent passenger volumes plunging 75%.
Wizz Air said it expected to post another annual loss for the current financial year, unless it saw an accelerated and permanent lifting of Covid restrictions.
Oil company Tullow Oil climbed 2.4% to 57.3p on announcing that chairman Dorothy Thompson had decided to stand down, having initially stepped into the role in September 2018.
A search process to find a replacement was expected to conclude towards the end of the summer. Thompson would remain chairman until her replacement was appointed.
DIY group Kingfisher shed 0.4% to 360.1p following news that it had secured a sustainability linked £550 million three-year revolving credit facility with its relationship banks.
Bicycle and other leisure equipment retailer Tandem fell 3.5% to 642p despite reporting that its profits had risen 'considerably' in the first five months of the year to date, amid a 24% jump in sales.
Tandem, however, said pressure on stock availability, higher freight rates and bicycle supply constraints had put pressure on its margins.
German property investor Phoenix Spree Deutschland was unchanged at 380p, even after it said it was increasing the size of a share buyback programme.
Phoenix Spree didn't give specifics, other than to say that it would make 'a material allocation of capital' to the programme.
Leak detection and remediation group Water Intelligence added 1.8% to 850p, having announced two acquisitions in the US for a combined $0.95 million and the appointment of John Spenard as chief people officer.
The two deals included the reacquisition of an American Leak Detection franchise in Reno, Nevada for $0.25 million and the acquisition of plumbing group PlumbRight Services for $0.7 million.
Cloud and managed communications services provider Maintel reversed 3.5% to 333.1p as it swung to a full-year loss after the pandemic delayed project work and it lost legacy contracts in 2019.
Maintel said trading to date for the current financial year and order intake were all in line with management expectations.
Oil company Trinity Exploration & Production climbed 4.3% to 18p on announcing that its onshore lease operational agreements in Trinidad and Tobago had been renewed for a decade.
Work obligations including a minimum of 15 new infill wells and 30 heavy workovers amid favourable adjustments to royalty rates.
Story provided by StockMarketWire.com
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