FTSE shrugged off worries over the Delta variant and surged higher after a bullish update from AB Foods lifted the mood. London’s blue-chip index jumped 85 to 7,122.
Associated British Foods PLC (LON:ABF) said it has higher expectations for final quarter sales following an encouraging performance by Primark since non-essential stores reopened. The resolutely offline FTSE 100 group raised its full-year sales and adjusted operating profit expectations.
US fashion giant Gap meanwhile is to close all its 81 stores in the UK and Ireland and go online-only. Stores will shut "in a phased manner" between the end of August and the end of September.
Nissan has confirmed a major expansion of electric vehicle production at its car plant in Sunderland. The Japanese carmaker will build an all-new electric model at the site with a battery plant also planned.
Among the small caps, IronRidge Resources (LON:IRR) soared on news Piedmont Lithium will provide funding for the Ewoyaa Lithium Project in Ghana. The money will fast-track the project to production.
KR1 PLC's (LON:KR1) net asset value jumped five-fold last year. The blockchain technology company has benefited from the booming interest in cryptocurrencies.
Argentex PLC (LON:AGFX) saw trading volumes bouncing back to record levels in the second half of its financial year. The foreign exchange services provider was helped by markets becoming more stable thanks to COVID-19 vaccine rollouts.