How London's market inched higher with strengthening of the pound?

The London markets inched higher, reflecting positive investor confidence regarding the US stimulus package. FTSE 100 traded marginally higher by around 0.12% after the strengthening of the pound. Bellway shares went up by around 2.97% after it had reported robust demand for new homes benefitted by the low-interest rates and temporary stamp duty cut. The Company had delivered a significant rise in its order book.

Micro Focus International shares jumped by around 6.57% after it announced FY20 results today. The Company had reinstated its dividend. However, the pre-tax loss had widened amid Covid-19 pandemic. Ocado Group stock dropped by around 1.68% after the company announced its FY20 results today. It had reported 35% revenue growth for Ocado Retail boosted by the increasing demand for home delivery. The CEO pointed out that the food retailing landscape is stepping towards a transformation. The Chairman of JD Sports Fashion PLC unveiled its plan to build a distribution center within the European Union to avoid paying post Brexit tariffs and assist in creating more jobs. Shares of JD Sports Fashion dropped by over 2.30%.

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