The Market Report with Katie Pilbeam.
FTSE 100 started flat after the latest UK GDP figures missed expectations, with the economy rising 0.4% in February despite restrictions. London’s main index shed 3 points to 6,886 in early deals. England has started rolling out the COVID-19 vaccine developed by Moderna Inc (NASDAQ:MRNA).
It will be used as an alternative to the AstraZeneca PLC (LON:AZN) jab for under-30s to avoid blood clots concerns. JD Sports Fashion PLC (LON:JD.) expects full-year profits to rise as much as 16% this year as trading continues to recover. The athleisure retailer has resumed dividends after posting a strong performance in the US.
The FTSE 100 group has also signed an initial agreement with Clipper Logistics PLC (LON:CLG) to provide e-fulfilment services from a distribution centre in Leeds. The logistics firm will start work in the summer.
Babcock (LON:BAB) leapt higher as it said it would do what it could to avoid a dilutive share issue. That includes £1.7bn of impairment charges and 1,000 job cuts, but investors welcomed the defence contractor’s plan and sent the shares up 20%.
SourceBio International PLC (LON:SBI) reported strong revenue and profit growth in 2020 driven by its COVID-19 antigen testing services set up last May. The company’s COVID-19 unit enables high volume laboratory based testing, with the group handling some 10,500 tests per day by the end of 2020.
Mode Global Holdings PLC (LON:MODE) reported “strong growth” in its Bitcoin trading volumes during the first quarter amid a sharp increase in new customers. The financial technology group said that Bitcoin trading volumes in the period increased 316% over the previous quarter.