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FTSE 100 opens lower; Burberry soars on turnaround plan as Aviva and B&M also gain - Market Report

FTSE 100 opens lower; Burberry soars on turnaround plan as Aviva and B&M also gain - Market Report

London's FTSE 100 fell further as trading kicked off on Thursday, dropping 10 points to sit at 8,019.

Burberry shares soared early on as the luxury retailer unveiled a turnaround plan aimed at refocusing attention on its roots and simplifying operations after first-half losses widened.

Aviva also gained as trading got underway after it doubled down on guidance on a 15% increase in general insurance premiums over the first nine months of the year.

B&M surged after unveiling a 10% jump in interim profit, which the discounter said was supported by customers continuing to seek out cheaper goods.

WH Smith slumped in the meantime as better full-year figures failed to divert attention from declining high street sales and profitability.

And finally, Boohoo said it had raised £39.3mln to cut debt following news overnight of widening losses in the first half.