Good news from China overnight helps lift the FTSE 100 this morning, up 0.3% to 7,395.68. The official purchasing managers’ index data for the Chinese manufacturing sector revealed the fastest pace of expansion in five years.
Political factors also remain in the frame as violent clashes between police and voters marred yesterday’s unratified referendum in Catalonia. Traders will also be watching the Conservative Party conference in Manchester closely.
The announcement of a £10bn extension to the Help to Buy scheme over the weekend is lifting the shares of housebuilders. Barratt Developments (BDEV) is leading the way, up 4.1% to 639.5p.
Airline EasyJet (EZJ) gains 4.4% to £12.71 as competitor outfit Monarch went into administration overnight.
Drug company Indivior (INDV) is up 0.9% to 342.7p as it submits a new drug application in the US for a schizophrenia treatment, buying out patent rights form the manufacturer of a similar medication.
Insurance company Hiscox (HSX) is 0.7% higher at £12.89 as it puts net claims from hurricanes Harvey and Irma at $225m based on an insured market loss of $35bn.
Newspaper publisher Daily Mail & General Trust (DMGT) dives 2% to 635.5p as it announces circulation revenue for its titles was flat in the 11 months to the end of August. There was better news on its business to business division which saw underlying revenue growth of 1% or 9% including the impact from favourable foreign exchange movements.
Fuel cell developer AFC Energy (AFC:AIM) gains 27.9% to 13.75p as a quarterly update reveals progress on its commercialisation plan, with the potential to slash the cost of hydrogen power flagged.
