StockMarketWire.com - At midday the FTSE 100 was up 1.4% to 6,899.91 as investors looked past the latest machinations over Brexit and focused on positive developments on trade between the US and China.

Prime Minister Theresa May faces a leadership vote later, but although the pound plunged last night on reports the 48 MP threshold to trigger said vote had been reached, it has recovered after a robust statement from May and suggestions that, should she be replaced, Brexit might have to be delayed.

LARGE AND MID CAP RISERS AND FALLERS

Fashion retailer Superdry plunged 32% to 381.4p after it issued yet another profit warning, blaming a continuation of unseasonably warm weather crimping demand for jackets and sweats.

Superdry also admitted to a lack of innovation in its clothing range.

Engine maker Rolls-Royce was having a brighter day. It gained 4.7% to 817.8p on announcing that it expected its profit and cash flow for 2018 to be at the upper end of its previous guidance.

Supermarket chain Sainsbury's fell 4.7% after it and its takeover target Asda called for a judicial review of the UK competition regulator's investigation of their proposed tie-up.

The pair complained that they needed more time to meet the regulator's demands.

Phone retailer Dixons Carphone slumped 8.3% to 138.6p as it cut its dividend and launched a turnaround plan targeting cost savings of £200m, after swinging to a first-half loss on the back of asset writedowns.

British American Tobacco gained 2% to £27.79 as it stuck to its full-year forecast to exceed high single-digit growth in adjusted earnings per share, despite currency headwinds.

Oil services company Wood Group slumped 7.8% to 594p, even as it forecast at least 10% growth in annual revenue, and earnings in line with its expectations.

Hard landscaping manufacturer Marshalls gained 11.8% to 466.1p after it announced that it had acquired concrete brick maker Edenhall Holdings for up to £17.2m, while upgrading its annual guidance.

SMALL CAP RISERS AND FALLERS

Strong trading at healthcare and PR agency Huntsworth means it will 'at least' hit full year earnings targets of £29.4m. The shares rise 9.3% to 106p

Communications kit designer Filtronic saw its shares more than halve to 8p after demand for a new range of antennas failed to live up to expectations.




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