FTSE 100 opens higher; Burberry out of fashion on weak LVMH revenues - Market Report

The FTSE 100 has come out of the blocks faster than expected, gaining half a percent in opening trades.

About 45 minutes into the session, the blue-chip index was up 64 points, or 0.8%, to 8,199.

Kingfisher and M&G are the early risers, followed by Taylor Wimpey and St James's Place. 

Burberry Group PLC (LSE:BRBY) is the biggest faller on the FTSE 350 this morning, down 4.5%.

The British fashion house has no news out this morning, but investors are reading across to the first-quarter update from massive French rival Louis Vuitton Moet Hennessy (EPA: MC) overnight, where revenues came in lower than expected.

B&M European Value Retail SA (LSE:BME) has issued a year-end trading statement, narrowing its profit guidance for the past year to March and saying that a new chief executive will be announced "in the coming weeks". 

The ONS says that UK average weekly wages grew 5.6% year-on-year in the three months to February, lower than the average forecast of 5.7%.

Weekly pay excluding bonuses was up 5.9%, again lower than the 6.0% expected.