UK shares, big and small, were higher at lunch as market react to rebounding oil prices and strong earnings from the US.
FTSE100 is up around 20 at 6,828, while the AIM 100 index is 0.74% higher and the FTSE AIM All share is 0.47% higher.
On Footsie, the biggest gainer is Worldpay Group plc (LON:WPG), up over 5% to 317p as the market cheered its interim results.
Standard Life (LON:SL.), the pensions and retirement provider, was also up over 5% as it reported forecast beating asset growth and profits.
City index analyst Fawad Razaqzada noted the strength of US tickers recently.
"In Europe, however, stocks have been far less buoyant as the major indices remain well below their prior record levels or multi-year highs.
"This has been due, among other things, to the economic stagnation in the Eurozone, troubles with Italian banks, concerns about Brexit, a rapid rise in terrorist threats and so on."
However, he added that European indices have started Tuesday’s session on the front foot after a lacklustre performance on Monday.
Online clothing retailer Boohoo.com Plc (LON:BOO) added over 7% to 80p after telling investors it now anticipates results for the current year to be above expectations, with sales growth seen between 28% and 33%, versus prior guidance for 25-30% growth.
Aquatic Foods Group PLC (LON:AFG) was top riser in London, adding 62.5% to 19.5p as it announced the appointment of Ms Po Ling Low as finance director.
The Chinese marine foods and seafood processor said Po Ling has over 18 years of experience in the corporate finance, audit and investor relations sectors across the UK and Asia.
London’s FTSE 100 held positive territory, up 21 points or 0.32% changing hands at 6,831 just after 10:00am.
In comes despite a negative close in New York last year, and has been helped somewhat by Chinese inflation numbers in Tuesday’s early hours.
Indeed, economic statistics are providing some distraction for day traders, particularly given the current scrutiny on what anything and everything means for central bank policy.
UK retail sales figure out today give a boost, with an unexpected 1.1% rise for July following June’s 0.5% decline.
Across the channel a measure of investor confidence in the Eurozone was ahead of expectations, German industrial output was also ahead of estimates and French business sentiment was better rather than worse.
Whilst all that sounds encouraging, at the same time UK industry output figures showed a drop off in June, up to and immediately after the Brexit vote.
These are of course loose pieces of an incomplete puzzle. The material fact the market is presently comfortable with is that the Bank of England has thrown the kitchen sink and, for now at least, equities are being supported. Next week’s inflation report will naturally be closely eyed.
On the corporate front insurer Legal & General Group Plc (LON:LGEN) was the notable FTSE 100 faller, losing more than 6.5% after releasing interim results.
Shares in rival Standard Life Plc (LON:SL.), meanwhile, rose 4.5% after its half year results.
Worldpay Group Plc’s (LON:WPG) interims also delivered a boost of around 4.5% for the FTSE 100 stock.
WM Morrison Supermarkets PLC (LON:MRW) shares were lifted by news of a revised deal with Ocado which sees the supermarket’s online ordering operations supported under new, more favourable terms.
Elsewhere, online clothing retailer Boohoo.com Plc (LON:BOO) gained over 8% after telling investors it now anticipates results for the current year to be above expectations, with sales growth seen between 28% and 33%, versus prior guidance for 25-30% growth.
Furthermore, the company said it is also expecting better margins though its guidance on this will be reviewed with its interim results (due in September).
Open at 8.15am
The FTSE 100 opened 5 points higher to 6,815.
The top winner this morning was Worldpay Group (LON: WPG), up 4% to 314p.
The biggest loser was Legal & General Group (LON: LGEN), down 4% to 208.8p
Preview at 6.55am
UK stocks are tipped to open modestly higher, despite US indices pulling back from all-time intra-day highs yesterday.
Spread betting quotes point to the top-share index opening its account around 10 points higher than last night’s close of 6,809, which was its highest closing level since June of last year.
Stateside, the S&P 500 briefly reached a new high but turned back to finish two points lower at 2,181. The Dow also finished lower, ebbing 14 points to 18529, as did the Nasdaq Composite, which fell eight points to 5,213.
Heading into the last hour of trading, Japanese stocks were mostly in positive territory, but Hong Kong stocks were mixed.
Japan’s Nikkei 225 was up 101 points, or 0.6%, at 16,752, while in Hong Kong the Hang Seng was down 22 points, or 0.1%, at 22,467.
In the UK, insurers Legal & General Group PLC (LON:LGEN) and Standard Life PLC (LON:SL.) are set to report.
Commodities & currencies
- Oil: West Texas Intermediate for September delivery – US$42.66 a barrel, down 36 cents; Brent crude for October delivery – US$44.99 a barrel, down 40 cents
- Gold: US$1,338.80 an ounce, down 0.2%
- Sterling: US$1.2985 (-0.55 cents)
- Euro: US$1.1077 (-0.12 cents)
Market buzz
Prices comparison web site Comparethemarket.com closes in on a £2bn flotation after appointing bankers to oversee its listing.
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