Leading UK shares gained ahead of US President Joe Biden’s $6 trillion budget plan later, where it’s expected he will unveil plans for the biggest sustained US Government spending since the Second World War.
It would amount to more than one quarter of the United States’ gross domestic product and see annual spending rise to a projected $8.2 trillion by 2031.
Investors have reacted positively ahead of the announcement, with the UK’s benchmark FTSE 100 index gaining 0.3% to 7,040.74.
COMPANY NEWS
On a typically quiet Friday for corporate news, pharmaceutical giant AstraZeneca (AZN) fell 0.9% to £80.28 even after the European Commission approved its Tagrisso drug to treat patients with a type of early-stage lung cancer.
Irn-bru maker AG Barr (BAG) traded virtually flat at 530.2p despite making a strong start to the new fiscal year, with the easing of lockdown restrictions boosting its sales with the return of demand from the hospitality and leisure sectors.
Fulham Shore (FUL:AIM) said it has been encouraged by trading since its restaurants reopened for indoor dining, sending its share price nearly 5% higher to 16.5p.
The restaurateur, which operates the Franco Manca and The Real Greek chains, said that in the period from May 17 - 23, like-for-like sales were down 8% on the corresponding period of 2019, i.e. pre-pandemic.
Golden Saint Technologies (GST:AIM) has been a big riser on Friday, jumping 7% to 1.55p after signing a collaboration agreement with Singaporean blockchain payment solution provider Wise MPay.
Care-based housing and healthcare investor Civitas Social Housing (CSH) said it had completed the acquisition of 10 supported living properties across Hertfordshire, Essex, Suffolk and Wales for £8.6 million.
The properties are leased to Inclusion Housing Community Interest company, with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per annum and a maximum indexation of 4% per annum.
Civitas Social Housing’s share price remained at £11.76.
The Edinburgh Investment Trust (EDIN) declared a special dividend after reporting a net asset value returns that topped its benchmark as markets rebounded.
For the year to 31 March 2021 net asset value on a total return basis was 34.8% up, compared with a total return of 26.7% for the FTSE All-Share Index, the trust’s benchmark.
Edinburgh Investment Trust’s share price rose 0.7% to 636p.
