Leading UK shares endured a volatile morning on Thursday after an earlier rally following positive corporate earnings updates fizzled out, before stocks picked up steam again shortly after midday.
After a bruising day yesterday linked to cryptocurrency volatility and inflation fears, with Bitcoin falling to $30,000 before recovering to $40,000, investors continue to be split between reopening optimism and inflation concerns.
Having rallied early on and then fallen into the red for an hour, shortly after midday the UK’s benchmark FTSE 100 index had gained 0.26% to 6,968.55, while the midcap FTSE 250 index had risen 0.33% to 22,307.36.
EARLY MOVERS FIZZLE OUT
Among the major stock movers earlier in the morning were defence technology company Qinetiq (QQ.), which jumped after a positive earnings update, while home improvement retailer Kingfisher (KGF) also rose after it raised its first-half profit outlook.
But after a strong earlier gain, by midday Qinetiq shares were trading just 0.5% higher to 327.8p, while Kingfisher shares fell into the red after an earlier bounce to…
