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14 May 2019 | 08:59

UK stocks open 0.7% higher on US-China trade hopes

UK stocks got off to a strong start on Tuesday after Donald Trump said that he expected trade negotiations with China to be "very successful".

At 0852, the FTSE 100 was up 53.53 points, or 0.8%, at 7.217.21.

Vodafone added 2.7%, despite cutting its dividend and swinging deep into the red, owing to a loss on the sale of its Indian unit and asset impairments.

The telecom giant also booked a modest 0.3% rise in organic services revenue.

Greggs jumped 11% after it reported skyrocketing sales, underpinned by the launch of its vegan-friendly sausage rolls.

Standard Life Aberdeen advanced 0.6% after announcing that its assets under management and advice rose by 3% in the March quarter, helped by positive market movements.

Metrology and healthcare technology group Renishaw dropped 5.6% as it downgraded its annual guidance amid a 19% fall in profit in the first nine months of its financial year.

Premier Foods swung to a full-year loss after a modest rise in revenue was more than offset by pension charges, restructuring costs and a writedown in the value of its Sharwoods and Saxa brands. Its shares were flat.

Stock Spirits rose 1.1% as it swung to a first-half profit after it sold higher volumes of vodka, rum and whiskey in Poland and the Czech Republic.

Services company for seniors Saga gained 2.6% on announcing that it had commenced sea trials of its first purpose-built cruise ship.

Travel company On the Beach Group fell 2.3% after it disappointed investors with a 22% rise in first-half profit and warned of pressure on demand owing to Brexit uncertainty. Story provided by StockMarketWire.com
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