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FTSE up as results report boost, oil rallies
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FTSE up as results report boost, oil rallies
The FTSE 100 index of Britain’s leading shares rose 0.2 percent early yesterday as M&A activity and strong company results buoyed the market.
With little data on the economic calendar, traders looked to company results to boost the market with property firm British Land, up 1.5 percent after it posted a 9.3 percent rise in net asset value per share.
It said its full-year dividend would rise at least 94 percent after it converted into a low-tax investment trust.
Oil companies helped the index higher as US crude oil prices recovered after recent losses and edged back above $ 59 a barrel, helped by a weather-related halt in loadings at Alaska’s key export terminal and forecasts calling for a drawdown in US fuel stocks ahead of winter.
BP climbed 0.5 percent and Royal Dutch Shell was up 0.2 percent. As platinum hit a record high, Lonmin topped the FTSE 100 leaderboard, up 3.6 percent.
The FTSE 100 was up 12.7 points, or 0.2 percent, at 6,217.2.
Among other firms reporting results, ICAP, the world’s biggest inter-dealer broker, was up 0.6 percent after it posted a jump in revenue and said it was on course to meet full-year forecasts.
Credit information firm Experian was up 1 percent after it posted a 16-percent rise in first-half profit.
On the downside, Enterprise Inns fell 1.2 percent after posting an 8.6 percent rise in profit but its Scottish pub estate saw trade dip 1.2 percent after the smoking ban.
Scottish Power climbed 0.7 percent after sources said Spanish utility Iberdrola is to make a 12 billion pound ($22.7 billion) bid in cash and shares and a price of 800 pence per share – about 5 percent above the current price – was being discussed.
“We are just dealing with rumours all the time rather than meat and potato M&A activity,” said David Buik of Cantor Index. “It’s actually getting rather tiresome now but it has driven up prices.”
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