UK shares pressed ahead on Thursday as investors bet on new stimulus measures to drive a faster post-pandemic economic rebound, while a sustained recovery in China's services sector also lifted sentiment.
The benchmark FTSE 100 rose 0.4% to 5,966, climbing for the second straight session, with industrials and consumer cyclicals in demand. The mid-cap FTSE 250 index also advanced, adding 0.5% to 17,789.
Leading the blue-chips higher was turnaround specialist Melrose Industries (MRO) after it said it saw partial recovery in some of its markets.
Half-year results were predictably battered, with adjusted operating profit plunging 90% to £56 million in the first half, hurt by a coronavirus-driven downturn in the aerospace and automotive sectors.
But the shares rallied more than 13.3% to top the FTSE leader board at 113.9p.
Online trading platform CMC Markets (CMCX) said it expects 2021 earnings to surpass the higher end of market consensus, while pointing to a rise in costs as it brought on more clients for its services. Its shares advanced 4% to 324.48p.
E-commerce firm The Hut Group confirmed its intention to float on the London Stock Exchange, in potentially the biggest listing of a British company since 2013 and the first major London listing since the COVID-19 crisis.
British renewable power generator and network operator SSE(SSE) has been fined £2.1 million for failing to publish information on future generation capacity, Britain's energy regulator said. But investors brushed the news aside, with the stock flat at £12.55.
French drugmaker Sanofi and its British peer GlaxoSmithKline (GSK) have started a clinical trial for a protein-based COVID-19 vaccine candidate, as pharmaceutical companies race to develop treatments against the COVID-19 pandemic.
Tritax Big Box (BBOX) REIT nudged up 1.5% to 157.08p after announcing it had completed the sale of its Chesterfield asset for £57.3m. The price was a premium to the 30 June 2020 book value and reflected a return of 18.5% per annum.
Pensions firm Curtis Banks (CBP:AIM) was unmoved as the self-invested pension plan provider maintained its interim dividend despite a fall in profit on client portfolio impairment from the impact of the Covid-19 pandemic and Brexit uncertainty.
Digital services company Kainos (KNOS) fell 2.8% to £10.50 despite reporting that trading since April continued to be 'resilient' across its businesses. It believes annual results will be in line with market expectations.
