The FTSE 100 started Tuesday in decent form after last night’s confirmation that England’s Covid restrictions will be lifted on 19 July. A couple of hours into the morning session the UK index is up by 0.21% to 7,140.
“Sentiment is also boosted by the removal of the remaining restrictions on UK banks’ dividends, booming British retail sales and better than expected export data from China,” said AJ Bell financial analyst Danni Hewson.
“The relaxation in coronavirus rules and the feel-good factor around the Euros – until its bitter denouement on Sunday night from an English perspective – saw strong trading for UK shops according to the figures from the British Retail Consortium.”
The question of whether the pent-up levels of demand continue to have an impact once ‘Freedom Day’ passes is yet to be seen.
“Further direction for the markets may come from across the pond and the start of the US second quarter earnings season – with numbers from US banking giants JP Morgan Chase and Goldman Sachs. American inflation figures may also help set the tone for the coming days.”
FTSE 100 Top Movers
Heading up the FTSE 100 on Tuesday is Fresnillo (2.24%), Lloyds (2.04%) and Anglo American (1.35%).
While trailing the pack at the other end is Reckitt Benckiser (-1.36%), Compass Group (-1.10%) and the London Stock Exchange Group (-1.09%).
British Land
British Land confirmed on Tuesday that its rent collection from retailers has risen as its sites have reopened on the easing of lockdowns.
The FTSE 100 company said it collected 99% of rent due from its offices last month.
Phoenix Group
Phoenix Group Holdings announced on Tuesday that it has entered into an agreement to sell Ark Life Assurance Company DAC to Irish Life Group Limited for a total €230m (£197m).
The cash consideration is payable on completion and expected by early 2022, subject to customary regulatory and anti-trust approvals, Phoenix said.
The FTSE 100 company does not expect to see its solvency or long-term free cash positions materially impacted by the transaction.
