WH Smith (SMWH.L)

WH Smith gained as much as 3% on Wednesday after it delivered a positive trading update ahead of its summer season.

The retailer said it was well set for the peak summer holiday season as buoyant sales across its travel sites continue to offset slower trading at its high street arm.

The group posted like-for-like sales growth of 4% for the 13 weeks to 1 June, with a 5% rise across global travel stores and a 1% drop for its high street business.

However, there was a slowdown from the 15% sales growth notched up in the first half across its travel shops based in railway stations, airports and hospitals worldwide.

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The company opened five Toys R Us shops-within-shops and is on track to open another 25 by the end of August. WH Smith also expanded its food-to-go ranges, launching the new brand Smiths Family Kitchen at more than 300 sites.

In a statement, the group said: “The transformation of the business to a one-stop-shop for travel essentials is delivering strong results, increasing average transaction values and returns.”

Inditex (4ITX.TI)

Inditex, the owner of clothing store Zara, reported a pick-up in recent sales from its Spring/Summer collections, delivering quarterly results in line with expectations.

Sales grew 7% in the first quarter of its financial year, and rose 12% between 1 May and 3 June compared to the same time the year before.

The company, whose brands also include Pull&Bear and Massimo Dutti, added that it expected adverse currency moves to cut 2% from sales this year, up from previous guidance for a 1.5% hit.

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It is currently fending off intense competition from rivals such as H&M by chasing and delivering fashion trends faster, as well as rapidly growing Chinese-owned online retailers Shein and Temu.

Xavier Brun, portfolio manager at Madrid-based Trea Asset Management, which holds Inditex shares, said Inditex was currently "competing against itself", with a strong performance last year making for a tough comparison this year.

Oil (BZ=F)

Oil prices were hovering near four-month lows today, before staging a recovery, on an expected supply boost later in the year when OPEC+ begins to unwind some output cuts.

Brent crude futures were up 26 cents, or 0.3%, at $77.78 (£60.91) a barrel this morning while US West Texas Intermediate crude futures rose 24 cents, or 0.3%, to $73.49.

Both contracts fell more than 1% on Tuesday to their lowest settlement levels since early February, having declined by about $3 a barrel on Monday.