BUSINESS LIVE: FTSE slips as the pound climbs above $1.34; Manufacturing sector sees rapid growth; ITV set to drop out of the top index
The UK manufacturing sector expanded at the fastest rate for over six years in August, as companies restarted operations following the pandemic.
The IHS Markit/CIPS manufacturing purchasing managers’ index (PMI) recorded a score of 55.2 in August, from 53.3 in July. Above 50 indicates an expansion.
Broadcaster ITV is set to be relegated from the FTSE 100 in today’s reshuffle after its shares suffered from the drop in advertising spend since the pandemic took hold. Value retailer B&M is tipped to take its place in the corporate top flight.
Elsewhere, homeware seller Dunelm has reported a jump in sales, helped by pent-up demand following store closures and its summer sale.