FTSE 100 is at its highest since the start of the pandemic as US markets rallied overnight and trading statements this morning were generally upbeat. The blue chip-index added 43 to 7,534.
Sainsburys upgraded its full-year profit before tax expectations by £60mln. Grocery sales rose by 0.1% year-on-year in the six-week Christmas period as omicron sparked a rush for the tills.
JD Sports also said it will beat expectations despite supply issues. A strong Black Friday and Christmas period, as well as the fiscal stimulus implemented in the US drove sales, said the trainers and sportswear retailer..
The World Bank, however, has warned of a “pronounced slowdown” in global growth as inflation hit a 25-year high. Pandemic-related issues and supply chain woes will continue to pile pressure on the global economy, it said.
Among the small caps. miner Great Western has signed contracts for a spring start up at Olympic Gold and Rock House. At Olympic Gold the plan is to initially track potential veins in the shallow area in Trafalgar Hill area to follow up high grades seen last year
InnovaDerma rose 7% after an update for the 6 months to December 31 said its financial performance was much better than the first half of 2020. The Skinny Tan group added it is already experiencing a bounce back following a cooling of pre-Christmas trading because of Omicron.
Bradda Head Lithium also rose as it said preliminary tests on samples from its Burro Creek lithium project were encouraging. The metallurgical work indicated operating and capital costs might be much lower than originally forecast.