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FTSE 100 up ahead of Spring Statement; Ocado bouncs on upgrade - Market Report

FTSE 100 up ahead of Spring Statement; Ocado bouncs on upgrade - Market Report

The FTSE 100 has opened mostly higher this morning ahead of Chancellor Rachel Reeves' Spring Statement.

In early trade, the blue-chip index was up 16 points at 8,679.6.

B&Q owner Kingfisher recovered some of yesterday's losses and fellow retailer Marks & Spencer was also among the top risers, followed by miners and aerospace shares.

On the FTSE 250, Vistry has fallen 6.7% on the back of its results.

The housebuilder and social housing partnerships specialist reported a 35% fall in adjusted pre-tax profit for last year, which was a little better than the guidance it provided in January.

Avon Technologies meanwhile jumped over 7% after the maker of military helmets, gas masks and scuba rebreathers upped its full-year outlook on the back of strong first-half orders and margin improvements.

Ocado Group PLC shares are top of the FTSE 350 leaderboard, surging 13% after its shares were upgraded by JPMorgan, which sees a "turning tide" in online grocery deals.