FTSE 100 made a good start helped by good earnings releases and more optimism over tomorrow’s Budget. London’s blue chip index rose 32 to 7.255.
Premier Inn owner Whitbread warned it will have to bump up pay to cover ‘persistent’ staff shortages. Extra wages will cost Whitbread £12m-£13mln, it said, while retention bonuses will add a further £10mln.
Rishi Sunak, meanwhile, will increase the national minimum and living wages by 6.6% in tomorrow’s budget. Analysts said, though, that inflation will swallow any real gains.
Facebook profits cruised past expectations in spite of the constant criticism the social media giant seems to be attracting.
Third quarter profits were $9bn, up from $7.8bn last year.
Among the small caps, i3 Energy PLC upgraded full-year profit expectations thanks to the strong oil and gas prices. The energy group is also experiencing a lower-than-expected decline in production.
In the mining world, Caerus Mineral Resources PLC has uncovered very high grade copper mineralisation at the flagship Troulli project in Cyprus. The mine is a joint venture with Jubilee Metals Group and Bezant Resources.
ReNeuron Group PLC has signed a collaboration agreement with University College London to develop cancer treatment. The institute is researching a new type of therapy called cellular oncology.