The FTSE 100 opened higher on Thursday following a rally across the Atlantic fuelled by optimism that a deal could be struck to prevent a US government default in June.
Both BT and Royal Mail owner International Distributions Services suffered this morning though, with each plummeting on signs of struggle. BT Group spiralled nearly 9% after announcing up to 55,000 jobs, or 42% of its workforce, would be cut by 2030, after pre-tax profit slipped 12% in 2022. IDS posted a £1.04bn loss meanwhile after months of strike action took their toll on the courier.
Burberry marked a more positive start to the day, reporting a 21% rise in operating profit for the year thanks to strong fourth-quarter trading driven by easing restrictions in China.
easyJet also hinted to good times ahead, noting bookings were beginning to return to normalised levels as half-year losses eased compared to 2022.
And with the small caps, ImmuPharma shares soared after it confirmed significant progress had been made on its late-stage clinical programme for treating CIDP.