The FTSE 100 jumped 120 points higher, slightly more than expected, to 7,423 on the release of higher retail sales data.
As a recession looms, British consumer confidence has fallen to its lowest level since 1974, fueled by Russia’s continued invasion of Ukraine and soaring oil price-driven inflation. unprecedented energy.
UK retail sales rose unexpectedly in April, driven mainly by alcohol and tobacco, as incomes remained above pre-pandemic levels.
Iceland will offer 10% off to over-60s every Tuesday to ease the cost of living crisis.
Meanwhile, National Grid’s annual pre-tax profits jumped 107% amid soaring energy prices.
Turning to small caps, Next Fifteen has agreed to a £310m takeover from M&C Saatchi, which earlier this week rejected an offer from AdvancedAdvT. The boards of Next Fifteen and Saatchi said they had reached agreement on the terms of a recommended cash and stock acquisition.
Wincanton reported full-year revenue and profit growth, with numbers rising from pre-pandemic levels.
The company said the strong performance was achieved despite inflationary pressures as retail volumes remained strong.
ANGLE’s Parsortix liquid biopsy system will be used in a major clinical study that could change the way prostate cancer is treated.
Researchers at Queen Mary University of London will isolate and assess circulating tumor cells to predict future disease recurrence.