The FTSE 100 has continued its recent rally with the index up 36 points in early trading at 8,259.
Sterling is also going well with the pound hitting a twelve-month high against the dollar after yesterday’s GDP data. Britain’s economy grew by 1.4% year-on-year in May, outstripping the expected growth rate of 1.2% and doubling April’s 0.7% gain.
Privately-owned UK-based chipmaker Graphcore has been acquired by SoftBank, the owner of Nasdaq-listed British chipmaking giant Arm. The deal's value is estimated at over $600 million, below the $700 million previously raised in venture capital, and significantly less than Graphcore's $2.5 billion valuation in 2020.
Emerging markets-focused fund manager Ashmore saw net outflows swell to US$2 billion in its latest quarter, although it stated that market returns had been positive.
Finally, distressed fashion chain Superdry PLC (LSE:SDRY) will have its last day of trading on the London Stock Exchange today, bringing its listing to an end after 14 years.
