It looks like your browser is not up to date.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

London midday: Stocks extend gains as OECD lifts UK growth forecasts

Tue 09 March 2021 10:59 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7032.85 | Negative 10.76 (0.15%)
Graph

Prices delayed by at least 15 minutes

(Sharecast News) - London stocks had extended gains by midday on Tuesday as the OECD upgraded its growth forecasts for the UK and global economy.

The FTSE 100 was up 0.9% at 6,777.77, even as sterling rose 0.4% against the dollar to 1.3879.

The Organisation for Economic Cooperation and Development said earlier that it now expects the UK economy to grow 5.1% this year and 4.7% in 2022, up from previous forecasts for 4.2% and 4.1% growth, respectively.

It also upped its global growth forecasts, citing the ongoing success of the vaccine rollout and the US's mammoth stimulus package.

"Activity in many sectors has picked up and adapted to pandemic restrictions over recent months," it said. "Vaccine deployment, although uneven, is finally gaining momentum and government fiscal stimulus, particularly in the US, is likely to provide a major boost to economy activity."

The OECD now believes the global economy will grow by 5.6% in 2021 and by 4% in 2022. That is an increase on its previous forecasts, made in December, for growth of 4.2% this year and 3.7% next year.

In equity markets, M&G was the top performer on the FTSE 100 as the investment manager's full-year operating profit came in ahead of consensus expectations.

Avast gained after saying it had agreed to sell its Family Safety Mobile Business to Smith Micro for $66m.

ITV reversed earlier losses to trade up after it posted a decline in full-year profit and revenue due to the Covid-19 pandemic, as adjusted group earnings before interest, tax and amortisation beat analysts' expectations.

Domino's Pizza rallied after it unveiled a £45m share buyback and a rise in annual profit as it announced plans to open another 200 stores. The pizza chain also said it was selling its Swedish unit for €2m (£1.8m) in cash as it looks to focus solely on its UK and Ireland operations.

Ultra Electronics pushed higher after the defence contractor reported a jump in full-year profit and revenue as it won a number of new contracts.

On the downside, miners slumped, with BHP, Rio, Glencore, Anglo American and Antofagasta all weaker as metals prices fell.

Asset manager Standard Life Aberdeen slid as it declared a dividend but reported lower annual profits and revenues.

Education publisher Pearson knocked lower by a downgrade to 'hold' at Societe Generale, while exploration and development company Cairn Energy fell after saying it swung to a full-year operating loss in 2020.

Market Movers

FTSE 100 (UKX) 6,777.77 0.87%

FTSE 250 (MCX) 21,413.63 0.96%

techMARK (TASX) 4,112.14 1.48%

FTSE 100 - Risers

M&G (MNG) 216.10p 5.36%

Scottish Mortgage Inv Trust (SMT) 1,099.00p 4.07%

Kingfisher (KGF) 285.30p 4.01%

SSE (SSE) 1,356.00p 3.63%

Ashtead Group (AHT) 4,174.00p 3.42%

JD Sports Fashion (JD.) 825.00p 3.38%

Avast (AVST) 434.20p 3.38%

Polymetal International (POLY) 1,494.50p 3.35%

Pennon Group (PNN) 972.40p 3.29%

Intertek Group (ITRK) 5,438.00p 3.27%

FTSE 100 - Fallers

Standard Life Aberdeen (SLA) 305.00p -4.39%

Evraz (EVR) 585.00p -2.47%

Anglo American (AAL) 2,950.50p -2.25%

BHP Group (BHP) 2,207.50p -2.11%

Glencore (GLEN) 286.70p -1.87%

Pearson (PSON) 796.00p -1.58%

Barclays (BARC) 175.20p -1.53%

Rio Tinto (RIO) 5,951.00p -1.47%

Whitbread (WTB) 3,510.00p -1.38%

NATWEST GROUP PLC ORD 100P (NWG) 190.30p -1.01%

FTSE 250 - Risers

Domino's Pizza Group (DOM) 340.20p 9.60%

Baillie Gifford US Growth Trust (USA) 306.00p 7.37%

Energean (ENOG) 943.60p 6.63%

AO World (AO.) 303.00p 5.76%

Edinburgh Worldwide Inv Trust (EWI) 326.50p 5.66%

Future (FUTR) 1,782.00p 5.19%

Softcat (SCT) 1,496.00p 4.84%

Network International Holdings (NETW) 428.60p 4.69%

Allianz Technology Trust (ATT) 2,625.00p 4.58%

Meggitt (MGGT) 461.00p 4.49%

FTSE 250 - Fallers

TP Icap Group (TCAP) 246.50p -6.10%

IWG (IWG) 359.80p -5.66%

Cairn Energy (CNE) 192.40p -3.17%

Ferrexpo (FXPO) 340.60p -3.07%

Micro Focus International (MCRO) 475.30p -2.50%

Diversified Gas & Oil (DGOC) 123.20p -2.07%

SSP Group (SSPG) 340.80p -1.79%

Crest Nicholson Holdings (CRST) 385.00p -1.79%

BlackRock Smaller Companies Trust (BRSC) 1,710.00p -1.72%

Vietnam Enterprise Investments (DI) (VEIL) 576.00p -1.71%

    Daily market update emails

    • FTSE 100 riser and faller updates
    • Breaking market news, plus the latest share research, tips and broker comments

    Register now for free market updates

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.