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London open: Stocks rise as investors eye inflation data
Stocks in London edged higher in early trade as investors sifted through corporate news ahead of the release of UK inflation figures for October.
At 0830 GMT, the FTSE 100 was up 0.7% to 6,802.33.
Meanwhile, oil prices rose, with West Texas Intermediate up 2.4% to $44.34 a barrel and Brent crude up 1.9% to $45.29.
Spreadex‘s Connor Campbell said: “The main focus this morning will be the UK’s latest inflation reading, forecast to rise from 1.0% to 1.1% month-on-month. That would be the highest inflation figure for 2 years, and would mean the metric had more than doubled since the Brexit referendum at the end of June.
“The FTSE seemed to fair better at the thought of rising inflation than the pound; the former rose half a percent, but still couldn’t break 6800, while the latter sat flat against the dollar and lost half a percent against the euro.”
UK CPI, RPI and PPI for October are at 0930 GMT, while US retail sales are at 1330 GMT.
Budget airline EasyJet flew higher after it reported a 27.9% drop in full-year profit to £495m that was in line with the guidance it gave in October, as it took a hit from terrorist attacks and as the UK’s decision to leave the European Union made the euro more expensive for British travellers over the summer.
Tesco powered ahead as the latest figures from Kantar Worldpanel for the 12 weeks to 6 November 2016 showed the group has grown at its fastest rate in three years, with sales increasing by 2.2%.
Vodafone pushed up after better-than-expected first-half results, while Land Securities rallied after reporting a 4.5% jump in first-half revenue profit to £192.5m.
Technology company Smiths Group ticked up as its said first-quarter revenues rose 16% on a reported basis.
Assurance provider Intertek gained ground as it partnered with ABC Analitic, a water test provider, to form an environmental services joint venture in Mexico.
Aerospace and defence group Meggitt was on the front foot after it said trading since the half year has been in line with expectations.
Transport operator FirstGroup nudged up as it swung to an interim profit, but TalkTalk slipped despite posting a rise in first-half pre-tax profit.
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