Strong earnings pull British shares higher; Aviva climbs | Malay Mail

LONDON, June 8 — British shares inched higher today, helped by positive earnings updates from companies including Intermediate Capital Group and British American Tobacco, while Aviva gained after an activist investor built up a stake.

British American Tobacco gained 2.3 per cent, after it raised its annual revenue growth forecast to more than 5 per cent at constant currency as the cigarette maker’s focus on newer products like e-cigarettes and tobacco-heating devices pays off.Asian stocks pared early gains, with traders staying on the sidelines ahead of US inflation data and a European monetary policy meeting this week for gauging market trajectory.

Adding to investors’ concerns, a report said Britain’s proposed June 21 lifting of lockdowns could be delayed by a fortnight as Covid-19 cases continue to mount. After breaking above the 7,000 mark in mid-April, the FTSE 100 has traded in a tight range as concerns over accelerating inflation overshadowed optimism about a gradual reopening of the economy.

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