FTSE opens 0.8% higher as Trump claims China trade deal 'intact'

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

UK stocks opened higher on Tuesday after Donald Trump said a US trade deal with China was 'intact', negating earlier claims by trade adviser Peter Navarro that a pact was 'over'.

At 0821, the benchmark FTSE 100 index was up 46.91 points, or 0.8%, at 6,291.53, tracking a rise on Asian exchanges.

Property portal Rightmove fell 1.0% to 583.4p on announcing that it would continue to offer discounts to customers through August and September, taking another chunk out of its revenues.

Meat producer Cranswick sizzled, rising 2.4% to £37.18, after it hiked its dividend on the back of a higher profit, underpinned by new contract wins and strong export demand.

Footwear retailer Shoe Zone slipped 1.7% to 86p as it swung to a first-half loss and scrapped its interim dividend, while warning the impact of the Covid-19 crisis would likely be felt 'for several years.'

Wealth manager St. James's Place firmed 1.9% to 958.4p after its funds under management increased in May on-year, boosted by positive net inflows.

Musical equipment retailer Gear4music rallied 19% to 380p, having swung to a better-than-expected annual profit driven by margin improvement.

Tools, equipment and plant rentals group Speedy Hire added 1.8% to 56.8p, even as it booked a 28% slide in annual profit owing to a write down on the value of its Geason Training business, offsetting a rise in sales.

Speedy Hire did not declare a final dividend, citing uncertainty caused by the Covid-19 crisis.

Healthcare and industrial engineer Scapa slumped 10% to 107.59p, having swung to a deep full-year loss, after it lost a key contract with medical products group ConvaTec.

Specialist engineering group TP jumped 7.3% to 8.26p on winning an initial contract worth £0.3m with Gulf Data International, an IT solutions provider and systems integrator based in Abu Dhabi.