The FTSE 100 jumped 120 points higher, slightly more than expected, at 7,423, with the release of rising retail sales data.
As a recession looms, UK consumer confidence slumped to its lowest levels since 1974, fuelled by Russia’s continued invasion of Ukraine and surging inflation driven by unprecedented energy prices.
UK retail sales unexpectedly rose in April primarily driven by alcohol and tobacco, as revenues remain above pre-pandemic levels.
Iceland will offer 10% off to those over 60 every Tuesday to alleviate the cost of living crisis.
Meanwhile, National Grid’s annual pre-tax profits surged 107% amid rocketing energy prices.
Onto the small caps, Next Fifteen agreed to the £310mln takeover of M&C Saatchi, which earlier this week rejected an offer from AdvancedAdvT. The boards of Next Fifteen and Saatchi said they had reached an agreement on the terms of a recommended cash and share acquisition.
Wincanton reported growth in full-year revenue and profits, with numbers rising from pre-pandemic levels.
The company said the strong performance was achieved despite inflationary pressures, as retail volumes remained strong.
ANGLE’s Parsortix liquid biopsy system will be used in a major clinical study that could alter the way prostate cancer is treated.
Researchers from the Queen Mary University of London will isolate and assess circulating tumour cells to predict future disease recurrence.