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FTSE on the rise after news the UK economy grew for third month in a row

Published: 11:15 11 Jun 2021 BST

The Market Report with Katie Pilbeam. FTSE 100 climbed as the UK economy bounced back strongly in April with investors shrugging off yesterday’s US inflation numbers. London’s blue-chip index rose 35 to 7,123.

Britain’s economy grew by 2.3% in April, its fastest monthly growth since July last year as non-essential shops reopened. Spending in pubs, cafes and restaurants also perked up though the economy is still 3.7% below the start of the pandemic.

British Airways has put most of its staff back on furlough due to a continued lack of international travel. The move comes just days after Portugal was added to the government‘s amber list of places to visit.

Goldman Sachs has predicted Brent crude prices can reach $80 per barrel this summer as the vaccination programme sparks a global economic rally.

Crude prices hit their highest in two years this week. Naked Wines PLC (LON:WINE) is to invest and increase its focus in the lucrative $20bn US market. The online wine retailer increased sales 68% to £340.2mln in the year to 29 March.

All five of Guild Esports PLC’s (LON:GILD) professional Fortnite gamers have qualified to compete for a US$3mln prize pool. They have qualified for the Fortnite Championship Series (FNCS) All-Star Showdown which takes place over the next week, from June 11 to June 26.

Caerus Mineral Resources PLC (LON:CMRS) has completed the acquisition of PR Ploutonic Resources, adding three advanced copper-gold exploration licences in the Republic of Cyprus. Caerus agreed the deal in April and has now received the backing of shareholders.

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