FTSE 100 gains on earnings boost, Vodafone jumps

FILE PHOTO: A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. REUTERS/Toby Melville

(Reuters) – London’s FTSE 100 headed higher on Tuesday as a batch of upbeat quarterly earnings updates outweighed concerns about a slower economic recovery as countries balance reopening businesses with avoiding a potential jump in COVID-19 cases.

The blue-chip FTSE 100 .FTSE gained 0.5%, with Vodafone (VOD.L), the world’s second largest mobile operator, jumping 3.4% to the top of the index after meeting full-year profit expectations and saying it was seeing significant increases in data volumes.

Home improvement group Kingfisher (KGF.L) said sales in the three months ended April fell by a quarter, but its shares rose 6.5% as it said store re-openings meant it was seeing an improving trend at the beginning of May. The stock was the top boost to the domestically focussed FTSE 250 .FTMC, pushing up the index 0.2%.

Supermarket group Morrisons (MRW.L) added 1.4% after reporting a 5.7% rise in group like-for-like sales in its latest quarter, with demand boosted by the country’s coronavirus lockdown.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Anil D’Silva

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