FTSE 100 heads higher as retail sales rebound

Headlines from the Proactive UK newsroom.

The FTSE 100 headed higher as coronavirus second wave fears eased and UK retail sales recovered in May. The blue-chip index was 32 points higher to 6,256.

UK retail sales rose by 12% as shoppers returned to gardening centres and DIY outlets. Purchases here jumped by 42% as the stores reopened after lockdown.

UK government borrowing however rocketed to new a high thanks to coronavirus support measures. Borrowings of £55.2bn were nine times higher than this time a year ago and the most since records began in 1993.

Rio Tinto PLC (LON:RIO) has asked a non-executive director to lead a review of its “heritage management processes” after the mining giant destroyed a 46,000-year-old Aboriginal site in Australia. The caves had been a sacred area since the last ice age.

Tiziana Life Sciences PLC (LON:TILS) has received a US patent for a breakthrough oral formulation of a monoclonal antibody that has been hailed as offering a “transformational avenue for immunotherapies”. This formulation allows Tiziana to work on drugs for Crohn’s, multiple sclerosis and Alzheimer’s disease.

Catenae Innovation PLC (LON:CTEA) said its partner Newcastle Premier Health has successfully completed a proof-of-concept pilot trial of the Cov-ID app. Cov-ID is a GDPR compliant identity documentation exchange system to record an individual’s coronavirus (COVID-19) test status through a mobile application.

Inspiration Healthcare (LON:IHC) has agreed to acquire a designer and manufacturer of ventilators and capital equipment used in neonatal intensive care, for a consideration of £18mln. The medical technology firm said it will complete the acquisition using £16.2mln in cash.