Mixed bag for FTSE after Biden’s $1.9 trillion stimulus package gets approval

The Market Report with Katie Pilbeam. FTSE 100 made early gains despite a mixed bag of big company announcements as investors focused on more records overnight in New York as President Biden’s $1.9 trillion stimulus package got approval. London’s blue-chip index was up 8 at 6,733.

Marks and Spencer (M&S) is to do the unthinkable and sell other companies’ clothes, albeit only online. Joules and White Stuff will be among the brands available on its eCommerce platform as it battles the growing competition in its space.

GlaxoSmithKline and its partner Vir intend to submit an Emergency Use Authorisation application for a new Covid-19 treatment in the US and elsewhere after it shined in a phase III trial. The study is ending early because the results were so good, Glaxo said, with an 85% reduction in hospitalisations.

Rolls-Royce PLC posted an underlying loss of nearly £4bn but said it might pull clear of the turbulence if air travel recovers as expected. Engine flight hours were only 43% of 2019’s level but are slated to recover to 80% by 2022.

Among the small caps, () soared as it was called to provide a waste-to-energy solution for Toyota’s engine manufacturing plant in Deeside. The firm will be the land developer and technology provider for the facility.

() has signed a commercial agreement with fan engagement platform IQONIQ. The esports company will become its official gaming partner for the next three years.

() has seen more high grades of gold and copper from further drilling at the Havieron deposit in Western Australia. The miner is yet to define the full size of the project.