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FTSE 100 higher after Barratt outlook lift housebuilders FTSE 100 helped by AB Foods and Barratt updates
(about 3 hours later)
(Open): The London market opened higher, with an upbeat trading outlook from Barratt Developments lifting shares in housebuilders. (Noon): The FTSE 100 jumped more than 1%, helped by upbeat trading updates from Primark owner AB Foods and housebuilder Barratt Developments.
The benchmark FTSE 100 index was up 39.17 points at 6,529.87. Shortly after midday, the FTSE 100 index was up 72.97 points at 6,563.67.
Shares in Barratt Developments rose 1.7% after it said full year profits were set to rise by a better-than-expected 45% to about £565m. AB Foods led the way, rising 4.7%, after it said it was on track to meet full-year profit forecasts.
The housebuilder also said the cut in tax relief for buy-to-let investors was unlikely to affect the housing market. The company also said it planned to open a Primark store in Italy next year, which would be the 10th European market the chain has reached.
Supermarkets and retailers were among those falling as investors feared these would be hit by the new national living wage announced in the Budget. Shares in Barratt Developments rose 2.8% after it said full year profits were set to rise by a better-than-expected 45% to about £565m.
Sainsbury's shares fell 1.7% while Sports Direct dropped 0.6%. The housebuilder also said the cut in tax relief for buy-to-let investors announced on Wednesday's Budget was unlikely to affect the housing market.
In the FTSE 250, shares Balfour Beatty fell 1.3% after the engineering group issued another profit warning. However, shares in supermarkets and retailers came under pressure as investors feared these would be hit by the new national living wage announced in the Budget. Sainsbury's shares fell 0.9%.
In the FTSE 250, shares in Balfour Beatty fell 4.5% after the engineering group issued another profit warning.
It said its 2015 results would be hit by a "shortfall" of £120m-£150m after a review of its businesses had continued to "identify legacy issues" in the UK, US and Middle East.It said its 2015 results would be hit by a "shortfall" of £120m-£150m after a review of its businesses had continued to "identify legacy issues" in the UK, US and Middle East.
Supergroup - the owner of the Superdry brand - climbed 4% after it reported a 2% rise in full-year profits and said recent trading had been strong. Supergroup - the owner of the Superdry brand - climbed 5% after it reported a 2% rise in full-year profits and said recent trading had been strong.
The company also said it was to enter China after signing a joint venture deal with Chinese retailer Trendy International Group.The company also said it was to enter China after signing a joint venture deal with Chinese retailer Trendy International Group.
On the currency markets, the pound rose 0.4% against the euro to €1.3928 and was 0.2% higher against the dollar at $1.5393. On the currency markets, the pound rose 0.4% against the euro to €1.3933 and was 0.1% higher against the dollar at $1.5381.