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13 Nov 2018 | 09:08

UK stocks open 0.5% higher on US-China trade hopes

UK stocks opened higher on Tuesday as hopes for a cooling in US-China trade tensions lifted exchanges throughout Europe.

At 0859, the benchmark FTSE 100 was up 34.03 points, or 0.5%, at 7.087.11.

Vodafone Group jumped 7.2%, despite posting a large first-half loss, after it narrowed its full-year earnings guidance and pledged to keep its full-year dividend steady amid upgraded cashflow guidance.

AstraZeneca gained 0.9% said Tuesday following news that it agreed to sell the US rights to its respiratory tract infection treatment to Swedish Orphan Biovitrum for an initial $1.5bn in cash and shares.

Residential developer Taylor Wimpey fell 2.4% after it reported its sales rates had remained steady in the year to date.

Mr Kipling cake seller Premier Foods rose 2.6% after it caved to activist shareholder demands to replace its chief executive and sell assets.

The company also revealed that it was in discussions to sell its Ambrosia custard business, while reporting 14% growth in adjusted first-half profit.

Information services company Experian jumped 5.4%, despite first-half profits slipping due to FX losses, as the company reassured investors that full-year revenue would be at the top end of guidance.

Engineering group Melrose Industries rose 3.5% as it announced it was trading in line with its expectations for 2018, with revenue growing in its aerospace and power metallurgy divisions but remaining flat in automotive.

Transport services company FirstGroup rallied 6.8% after it boosted its adjusted first-half profit by 38%, when stripping out costs associated with a restructure of its troubled Greyhound bus unit.

Retirement home developer McCarthy & Stone fell 2.1% as it booked a 37% drop in annual profit as higher costs more than offset a rise in revenue. Story provided by StockMarketWire.com
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