FTSE up 0.4% on positive corporate results ahead of US inflation data

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With US inflation figures looming the FTSE 100 was up 0.37% to 7,298.47 by midday amid some strong corporate updates.

ITV rallied 8.2% to 118.25p after it reported 28% growth in nine-month external revenue to £2.38 billion year-on-year, led by a strong performance at its studios devision.

Hits delivered by the division included 'Vigil' for BBC One, 'Physical' for Apple TV+ and 'Snowpiercer' season 2 for Netflix.

Clothing and food retailer Marks & Spencer leapt 15% higher to 223p on revealing that it had swung to a £187.3 million first-half profit after demand recovered following an easing of Covid-19 lockdowns.

Marks & Spencer guided for a full-year adjusted pre-tax profit ahead of expectations and in the region of £500 million. It refrained from paying an interim dividend as it continues to work on its turnaround.

Pub chain JD Wetherspoon slumped 3.5% to 993p, having reported an 8.9% drop in like-for-like sales in the first 15 weeks of its financial year compared to the same period in 2019.

Wetherspoon noted that with no music at its branded pubs, a material proportion of its trade comes from older customers, 'some of whom have visited pubs less frequently in recent times'.

Telecom company Vodafone edged up 0.2% to 112.16p following news that it had agreed to transfer its 55% shareholding in Vodafone Egypt to Vodacom, its sub-Saharan African subsidiary.

The transaction valued Vodafone's 55% shareholding in Vodafone Egypt at €2.72 billion, Vodafone said.

Online fashion retailer Asos added 2.3% to £26.4503 after it said it was targeting £7 billion of sales during the next three-to-four years amid plans to bolster growth of its US and EU businesses.

The £7 billion ​in sales equated to a 15%-to-20% compound annual growth rate. Asos said it also was targeting an operating margin of at least 4%.

Software company Aveva shed 0.8% to £34.75, having reported a wider first-half loss owing to one-off acquisition costs, though its adjusted pro-forma operating earnings rose 21%.

Aveva declared an interim dividend of 13p per share, up 4.8% year-on-year.

Motoring and cycling group Halfords jumped 12% to 313.26p as it upgraded its full-year outlook after first-half profit grew by more than a third.

Halfords upped its its full-year underlying pre-tax profit guidance to between £80 million and £90 million, up from £75 million previously.

Advertising firm S4 Capital slumped 10% to 705p, even as its third-quarter gross profit almost doubled, putting it on track to meet 'top line' expectations for the full year.

S4 Capital's gross profit for the three months through September had risen 92% year-on-year to £144.4 million, or by 42% on a like-for-like basis.

Industrial chain maker Renold rallied 9.6% to 33.87p as it booked a rise in first-half profit after its sales continued to recover as economies re-opened.

Alternative fuels group Velocys rocketed 41% higher to 8.66p after US carrier Southwest Airline agreed to acquire sustainable aviation fuel from its planned biorefinery project in Mississippi.