FTSE 100 buoyed by Tesco and Vodafone

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The UK stock market rose in early trade, lifted by strong results from Vodafone and the clearance of Tesco’s takeover of wholesaler Booker.

The benchmark FTSE 100 share index was up 11.96 points at 7,427.14, with Tesco the biggest riser on the index.

Tesco shares jumped more than 5% after the competition regulator provisionally cleared its £3.7bn bid for Booker.

Vodafone was another strong performer, up 4.6%, after it raised its profit growth forecast.

The mobile giant said it now expected its full-year earnings to grow by about 10%, compared with a previous target of between 4% and 8%.

Its forecast came as the company reported a 13% in half-year underlying earnings to €7.4bn (£6.6bn), which beat analysts’ forecasts.

Group chief executive Vittorio Colao said: “Revenue grew organically in the majority of our markets driven by mobile data and our continued success as Europe’s fastest growing broadband provider.”

On the currency markets, the pound was unchanged against the dollar at $1.3116, but fell 0.4% against the euro to €1.1204.

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