FTSE 100 starts higher despite mining sector weakness on China concerns

The FTSE 100 started Thursday on the front foot, up 0.5% to 7,048.97 amid some positive corporate news and decent US data overnight.

This outweighed lingering concerns about the Chinese economy which dragged down the miners and other firms with links to China like luxury brand Burberry.

Equipment rental company Ashtead gained 2.8% to £60.16 as it raised its outlook on full-year performance after reporting 'strong' first-quarter results.

The forecast for annual revenue was raised to a range of 13% to 16% from 6% to 9% previously.

Home improvement retailer Wickes gained 3% to 239.4p as it said it expected annual adjusted profit at the upper end of expectations after swinging to a first-half profit amid 'buoyant' demand from local trade.

Fashion retailer Superdry reported narrower annual losses as the reopening of stores and cost cuts helped offset a pandemic-led fall in revenue. It advanced 16.8% to 332.9p.

Miniature wargames maker Games Workshop said that performance for the three months to 29 August 2021 was in line with the board's expectations.

'Sales continue to grow but, as with other businesses, we have seen pressure on freight costs and currency exchange rates,' the company said. This warning spooked investors with the shares falling 6.3% to £108.74.

Drinks group C&C advanced 5.5% to 238.4p as it said it had returned to profit ahead of plan following the gradual easing of restrictions and phased reopening of the hospitality sector across Ireland and the UK during the first half of the fiscal year.

Food business Hilton Food hiked its dividend even as it reported a fall in first-half profit as higher cost amid supply chain woes offset a jump in revenue. It was up 3.5% to £11.32.

Online trading brokerage IG reported a rise in first-quarter adjusted revenue, as slowing client growth was offset by a boost from the recently-acquired tastytrade. It was up 4.1% to 865.5p.