UK stocks open 0.1% higher

UK stocks opened moderately stronger on Wednesday as a falling pound boosted companies with offshore earnings.

At 0857, the benchmark FTSE 100 index was up 6.94 points, or 0.1%, at 7,737.96.

Supermarket chain Sainsbury's upgraded its annual profits guidance after posting a rise in third-quarter sales and extracting more savings from its merger with Argos. Its shares added 1.5%, while rival Tesco fell 0.3%.

Ted Baker gained 5% after the fashion retailer posted a large rise in sales over the Christmas trading period.

Home builder Taylor Wimpey said it's order book had shrunk compared to a year ago. Its shares fell 3%.

Recruitment firm PageGroup rallied 6.5% after it forecast its annual profit to be ahead of consensus market expectations, but in line with the range of market forecasts.

Paddy Power shed 2.1% after announcing the head of its Sportsbet operation in Australia was leaving to pursue other opportunities.

Tullow Oil, meanwhile, said its West African production exceeded expectations in 2017, helping its shares eke out a 0.3% gain.

Components maker Senior jumped 4.3% after reporting that recent trading had been slightly ahead of previous expectations, driven by a good performance in November and December.

Marshalls gained 1.1% after expressing confidence in its 2017 full-year expectations amid an 8% rise in annual revenue.

Self-storage company Big Yellow Group fell 0.2% after reporting that third-quarter like-for-like revenues rose by 8%.