12 May 2021 | 08:41am
StockMarketWire.com - UK stocks opened higher on Wednesday, recouping a portion of Tuesday's heavy losses, as local companies continued to release upbeat earnings updates as lockdowns ease.
At 0830, the benchmark FTSE 100 index was up 38.72 points, or 0.6%, at 6,986.71.
Sentiment also was buoyed by stronger-than-anticipated economic data, with British gross domestic product falling 1.5% in the first quarter, beating expectations of a 1.6% drop.
Alcoholic drinks maker Diageo gained 3.1% to £32.875, on announcing that it would initiate the second phase of £4.5 billion capital return program, but extend its duration by two years to 30 June 2024.
The welcome move came as Diageo forecast organic operating profit growth to be at least 14% in its current financial year, slightly ahead of organic net sales growth.