Owners raise FTSE to best session in over two months

VSBusiness owners rallied on Friday as offices fill up again and rents begin to rise.

Land titles increased from 21.2p to 688.8p after the real estate giant said it had collected 81pc of its rent in the past three months and celebrated the return of more people to their location of work.

The company said it had received £ 77million in rent for the quarter through June 24 as the horizon brightened for the owner of the Bluewater shopping center in Kent, which has been hammered by the pandemic. In May, the company reported a loss of £ 1.4 billion for the year due to a drop in rental income.

Company FTSE 250 Derwent Land Securities’ optimism also shared, rising 63p to £ 34.84. The company said it received 93% of its rents for the last quarter, a significant increase from the 75% reported for the same period last year.

However, the company said its retail and hospitality portfolio still lags behind, with just 27% of rent paid.

Sainsbury’s shares edged up to 284.2 pence, even as dissent emerged among supermarket shareholders and nearly a fifth voted against the grocer’s compensation report at his annual general meeting. Sainsbury’s said it will continue to engage with major shareholders to understand their point of view.

London markets ignored disappointing new figures which showed UK GDP only grew 0.8% in May, well below the 1.7% expected by economists.

the FTSE 100 recouped its loss from Thursday’s sale to rise 91.2 points to 7,121.9, its best session in more than two months. However, the blue chip index still ended the week lower, for its second consecutive weekly decline. the FTSE 250 also increased by 1 pc or 256.6 points to 22,909.3.

Inhalers specialist Vectura was the most notable performer in London on Friday, rising 19pc, or 14pc, to 154.6p after the tobacco giant behind Marlboro cigarettes blew up a US private equity takeover with a $ 1 billion swoop of pounds sterling.

Philip Morris International has entered into a 150 pence per share deal to buy Vectura as part of what the cigarette maker has described as its “natural evolution into a larger health and wellness business.”

The board of directors of FTSE 250 is recommending the sale, after reaching a 136p per share deal with Carlyle in May.

Airlines shares also rose for a second day, after Britain said it would lift the quarantine for fully vaccinated arrivals from Amber List countries in the coming weeks.

owner of British Airways AGI increased from 3.3p to 184.6p and Ryanair increased from 0.2p to 16.2p, after low cost carrier easyJet said bookings to Orange List destinations have increased by 400 pc since the announcement

Brent rose 1.4% to $ 75.14 a barrel following US data showing rapidly declining inventories amid record fuel demand.

Oil has fluctuated as the international benchmark Brent and its US counterpart WTI point to weekly declines after the Opec + alliance failed to reach agreement on how to increase production of oil as the economy recovers.

Aston Martin shares rose 76p to £ 19.21 after the company said Thursday it hired Dame Natalie Massenet, the founder of luxury fashion site Net-a-Porter, as the next director who will be tasked with restoring top credentials. range of the automaker.

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