FTSE 100 movers: BP gushes higher on results; Smiths Group tumbles

London’s FTSE 100 was up 0.3% at 7,100.31 in afternoon trade on Tuesday.

BP was the standout gainer after saying it expected to buy back about $1bn of shares each quarter and increase its dividend over the next five years as the oil company swung to a second-quarter profit.

Underlying replacement cost profit was $2.8bn in the three months to the end of June compared with a $6.7bn loss a year earlier after oil prices rebounded. Profit was $2.6bn in the first quarter of 2021.

BP increased its second-quarter dividend to 5.46 cents a share from 5.25 cents a year earlier and said it would buy back $1.4bn of shares from first-half surplus cash flow. The company's performance has been boosted by rising oil prices after a collapse in the early stages of the pandemic.

Fresnillo shone after it announced a jump in its interim dividend as the precious metals miner reported earnings up 59% in the first half supported by higher prices.

Earnings before interest, tax, depreciation and amortisation rose to $747m in the six months to the end of June from $470m a year earlier as revenue increased 39% to $1.47bn.

Fresnillo increased its interim dividend to 9.9 cents a share from 2.3 cents a year earlier. The total payout rose to $73m from $16.9m.

Engineer Smiths Group tumbled after announcing late on Monday that it had agreed to sell its medical division to US private equity firm TA Associates for $2.3bn.

Smiths, which is planning a "significant" return of capital to shareholders once the sale has completed, said the disposal was "superior to all other proposals received" during the separation process and is a better outcome for shareholders than a demerger.

FTSE 100 - Risers

BP (BP.) 300.35p 3.66%
Sainsbury (J) (SBRY) 292.10p 2.42%
Fresnillo (FRES) 836.80p 1.70%
Anglo American (AAL) 3,353.50p 1.62%
Rightmove (RMV) 730.20p 1.56%
Imperial Brands (IMB) 1,575.50p 1.19%
Coca-Cola HBC AG (CDI) (CCH) 2,769.00p 1.17%
Admiral Group (ADM) 3,416.00p 0.98%
Intertek Group (ITRK) 5,208.00p 0.97%
Sage Group (SGE) 720.00p 0.90%

FTSE 100 - Fallers

Smiths Group (SMIN) 1,433.00p -8.84%
Flutter Entertainment (CDI) (FLTR) 12,055.00p -3.25%
Weir Group (WEIR) 1,688.00p -2.54%
Pearson (PSON) 808.00p -2.30%
Melrose Industries (MRO) 164.75p -2.17%
Schroders (SDR) 3,624.00p -1.84%
InterContinental Hotels Group (IHG) 4,684.00p -1.78%
International Consolidated Airlines Group SA (CDI) (IAG) 170.52p -1.69%
Smith & Nephew (SN.) 1,415.00p -1.67%
St James's Place (STJ) 1,595.00p -1.66%