The FTSE 100 made a bright start ahead of keenly anticipated US inflation numbers later in the day.
Early trades saw the blue-chip index rise by a healthy 51 points to 7,986 with consumer-facing stocks leading the way on signs inflation might be slowing.
That was the message from supermarket giant Tesco, which attributed sales volume growth across the UK and Ireland to an easing of price pressure in its preliminary results. Group sales (excluding VAT and fuel) increased 7.4% to £61.5 billion while operating profit soared 18.8% to £2.8 billion with an 11% dividend hike.
Troubled insurer Direct Line Group has appointed Jane Poole as the insurance firm’s new chief financial officer, replacing Neil Manser, who has been in the role for three years.
Another struggler, online beauty shop THG also suggested things might be improving as revenues picked up in the final quarter and annual losses halved.
Finally, e-Therapeutics has joined the ranks of Aim de-listers. The biotech has just raised £29 million but said there is a bigger pool of capital available as a private company.