The FTSE 100 soared in early trading, gaining 99 points to 7,593.
London’s blue-chip index was boosted by yesterday’s Fed decision to not hike interest rates by as much as expected in future though they did go up yesterday by 0.5%.
The Bank of England is expected to increase its base interest rate to 1% today. This would be the highest level since the aftermath of the last financial crisis 13 years ago.
Shell reported record quarterly profits, with soaring oil prices leading to over US$9bn of earnings in the first three months of the year. Earnings almost trebled year-on-year and dividends also rose for shareholders.
Next maintained its full-year profit guidance as sales were boosted by the re-opening of stores. It expects an over 3% rise from last year despite its online arm suffering.
Shares in UK Oil & Gas were ‘off to the races’ after the Environmental Agency granted the company a full production permit for its Horse Hill asset. The shares galloped 77% higher in early deals after the contentious project, which is in the heart of Surrey’s stockbroker belt, finally received the green light ending a saga that spanned two-and-a-half years.
Bidstack has inked an agreement with VR specialist Highbrow Interactive that will bring four train simulation games with a combined 80mln instals into its portfolio. The advertising specialist will provide Highbrow in-game, in-menu and rewarded video products helping its new partner generate additional revenues.
Caerus Mineral Resources PLC said results were encouraging from grab samples across various sites within its Kalavasos project licences in Cyprus. The area includes several abandoned mines.