London’s FTSE 100 was up 0.5% at 7,090.85 in afternoon trade on Friday.
JD Sports, Next and B&M European Value Retail were all higher, most likely on read-across from well-received results from FTSE 250 listed Marks & Spencer.
M&S racked up impressive gains after saying it expected annual profits to be at the top end of expectations as it reported a sharp rise in revenues during the summer.
Assuming no further Covid-related restrictions on trading, M&S forecast adjusted profit before tax for the year to be above the upper end of previous guidance of £300m – £350m. Group revenue surged 29.1% in the 19 weeks to August 14 and was 4.4% higher than 2019 before the Covid-19 pandemic struck and forced the closure of the retailer’s stores.
Sainsbury’s was also on the rise, as Morrisons jumped after agreeing a £7bn takeover by US private equity firm Clayton, Dubilier & Rice.
On the downside, British Airways owner IAG was under the cosh, most likely amid ongoing concerns about the impact of the Delta variant on travel.
FTSE 100 – Risers
JD Sports Fashion (JD.) 1,001.00p 3.30%
Imperial Brands (IMB) 1,556.50p 2.47%
Kingfisher (KGF) 362.50p 2.20%
B&M European Value Retail S.A. (DI) (BME) 566.60p 1.91%
Next (NXT) 7,956.00p 1.77%
Rentokil Initial (RTO) 587.20p 1.63%
British American Tobacco (BATS) 2,712.00p 1.57%
Burberry Group (BRBY) 1,840.00p 1.52%
Ocado Group (OCDO) 1,925.00p 1.45%
Sainsbury (J) (SBRY) 293.30p 1.42%
FTSE 100 – Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 157.28p -1.59%
Pershing Square Holdings Ltd NPV (PSH) 2,525.00p -1.56%
Diageo (DGE) 3,515.00p -1.46%
ITV (ITV) 114.10p -1.25%
Rolls-Royce Holdings (RR.) 109.90p -1.19%
Ashtead Group (AHT) 5,478.00p -1.12%
Smith (DS) (SMDS) 438.00p -1.06%
Melrose Industries (MRO) 163.80p -1.00%
Anglo American (AAL) 2,883.00p -1.00%
Informa (INF) 526.00p -0.94%
