A very good morning to you from a very sunny London, where falling UK inflation figures have not been enough to prevent the FTSE 100 from taking a great big dip at the open. An 8.7% consumer price index reading from the ONS still sat higher than market expectations.
A mixed picture within the index as always though, with Marks & Spencer shares up sharply on plans to restore its dividend for the first time since 2020. The retailer’s full-year pre-tax profits are up 21% to £475mln. Aviva shares slipped meanwhile, despite the insurer reassuring investors that the year is off to an ‘encouraging’ start, with insurance sales climbing 11%.
Power generator SSE has announced a hefty 89% rise in full-year pre-tax profits to £1.16bn, which it warned investors would not translate to boosted dividends but instead into more investment.
BT Group has also had a positive start to the day, with regulator Ofcom now saying it will not prevent the telecomms giant from rolling out a new wholesale pricing plan.
That’s all for this morning, have a great day and I’ll catch you tomorrow.