FTSE 100 Edges Above 7,100 As Retail Sales Jump

U.K. stocks rose on Tuesday after data showed pent-up demand for the instore shopping experience, as well as the first signs of summer weather, helped retail to the strongest sales growth of the pandemic.

U.K. retail sales increased notably in May driven by the relaxation of restrictions related to the coronavirus pandemic, data from the British Retail Consortium showed.
Total sales grew 10 percent year-on-year in May and like-for-like sales climbed 23.7 percent.

“Retail sales were buoyant in May thanks to the reopening of hospitality, coupled with the afterglow of non-essential retail’s own return,” Helen Dickinson, chief executive at BRC, said.

The benchmark FTSE 100 rose 23 points, or 0.3 percent, to 7,101 after closing 0.1 percent higher in the previous session.

British American Tobacco advanced 1.8 percent after the company upgraded its 2021 revenue guidance, citing strong pricing and volumes for combustible tobacco.

Aviva rallied 3.6 percent after activist investor Cevian Capital said it had built up a near 5 percent stake in the insurer.