US stocks start on front foot amid stimulus hopes, FTSE lower

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The FTSE 100 closed Thursday down 0.3% to 6,551.06 as sterling held on to gains against the dollar with investors still apparently expecting a Brexit deal to be secured at a the 11th hour.

On Wall Street the S&P 500 was up 0.4% to 3,717 by 4.30pm UK time, close to record highs as a big bi-partisan stimulus package was eyed.

Elsewhere the Bank of England opted to keep rates at the ultra-low rate of 0.1% and to keep its asset purchasing targets flat too at £875 billion. Effectively keeping its powder dry with the Brexit outcome still uncertain.

Military equipment maker Avon Rubber fell 12% to £32.90 as it warned on performance following a delay to first deliveries under its ballistics contracts with the US Army.

Advertising agency WPP gained 4.5% to 817.2p as it used an investor day to spell out that it intends to increase its dividend each year and restart share buybacks.

TalkTalk has agreed takeover terms with Toscafund Asset Management in a deal worth £1.1 billion.

The group also reported revenue of £740 million for the six months to 30 September, down from £792 million from last year.

Shares climbed 3.4% to 99.6p.

Food and beverage outlet operator SSP Group saw its profits plummet after being heavily impacted by Covid-19 and the closure of most of the global travel markets since March.

For the year ended 30 September 2020, the company reported an operating loss of £363.9 million, compared to a £221.1 million profit last year.

Its shares dropped 2.6% to 317.6p.

Mining company Anglo American said the value of rough diamond sales at its De Beers unit had increased during the tenth cycle of 2020 to $440 million from $426 million seen in the same cycle a year earlier.

Shares rose 1.5% to £24.84.

IntegraFin upped its dividend after reporting higher annual profit as funds under direction were boosted by a decline in fund outflows in the second half of the year.

For the year to 30 September 2020, pre-tax profit rose to £55.3 million from £49.9 million year-on-year as revenue increased to £107.3 million from £99.2 million.

Its shares were up 3.4% to 525p.

Serco Group posted a strong trading update and announced progress on contracts in Australia as its shares rose 1.2% to 122.1p.

Gas exploration and development company Energean said it had entered into a new set of agreements with Rapac Energy to supply an additional 0.4 Bcm per year of gas for a period of between 6 and 15 years from its Karish gas development project.

Its share price moved higher by 4.7% to 705.6p.

Hotel operator Dalata Hotel said it expected core earnings to be 'marginally ahead' of market expectations as cost cuts eased the blow from second-half disruption amid Covid-19 restrictions.

Shares dipped 0.3% to 342.5p.