Good morning from London where the FTSE 100 has rocketed to levels not seen since May so far today, up above 7,700 points. This morning’s big gains come from across the spectrum of market sectors and follow big gains in the US yesterday, with the entire world economy reacting positively to positive industrial output data from China. The action Russia and Saudi Arabia are taking to support oil prices is also supporting the FTSE 100, which contains plenty of energy companies. Brent crude is trading at around $94/bl this morning, having been at as low as $72.50/bl as recently as July.
Here in the UK though Warhammer owner Games Workshop Group PLC (LSE:GAW) is one of those on the front foot this morning, revealing a better-than-expected summer sales period and a 50p dividend, bringing the total pay-out this year to £1.95 per share.
Thousands of steelworker jobs could be at risk in the UK after plans were revealed to produce “greener” versions of the metal, unions have warned. Steel giant Tata said it was considering switching the two coal-fired blast furnaces at its site in Port Talbot to electric-arc versions which run on zero-carbon electricity and which require fewer staff.
Sainsbury’s and Tesco are under fire from consumer group Which? after it accused the retailers of misleading customers with its loyalty card prices. Research found some membership prices were actually more expensive than the regular price a few weeks prior.
And finally in small cap news, shares in Power Metal Resources PLC (AIM:POW) jumped after it said it found two significant gold anomalies at its Tati project in Botswana.