Market Report: FTSE jumps on positive bandwagon as global stimulus hopes boost London market

The Market Report with Katie Pilbeam. FTSE 100 opened flat but soon gained despite the recent strength of the pound continuing to weigh on sentiment. London’s blue-chip index added 3 points to 6,534.

Twitter (NYSE:TWTR) reported record quarterly results overnight as the microblogging platform highlighted a sharp jump in its active user base in the final months of 2020. Revenues jumped 28% to a record US$1.29bn.

Beer sales in British pubs halved last year to the lowest since the 1920s due to the coronavirus pandemic, according to industry figures. Pub sales fell by 56% or £7.8bn in 2020 to about £6.1bn.

Brewing giant Heineken, meanwhile, is to cut nearly 10% of its workforce after its sales slumped due to the coronavirus pandemic. Some 8,000 jobs are being lost.

Persimmon is to set aside £75mln to rectify safety issues related to cladding on apartments blocks. 26 buildings it built might be affected by the cladding issue, said Britain’s largest housebuilder.

Among the small caps, Directa Plus PLC (LON:DCTA) said new research has validated the fire retardant properties of its G+ graphene additive. It can be used on polymeric foams, which are found in many applications from roof insulation to furniture.

One Media IP Group PLC (LON:OMIP) has struck a deal over a catalogue of 2,000 rare recordings of greats such as Glenn Miller, Cole Porter and Count Basie. The digital music rights firm will have commercial control over the songs.

Story by ProactiveInvestors