FTSE 100 movers: Smurfit Kappa rallies on results; Imperial Brands hit by warning
London’s FTSE 100 was up 0.5% at 7,473.84 in afternoon trade on Wednesday.
Smurfit Kappa was the standout gainer after it reported a rise in full-year core earnings and revenue as it benefited from its capital spend programme and recent acquisitions. In the year to the end of December, earnings before interest, tax, depreciation and amortisation rose 7% to €1.65bn while revenue ticked up more than 1% to €9.05bn. Smurfit hiked its final dividend by 12% to 80.9 cent per share.
Peers DS Smith and Mondi also rallied.
Travel-related stocks IAG, TUI and easyJet gained ground amid reports of a breakthrough in the treatment of coronavirus.
Barratt Developments was higher after the housebuilder announced a further extension to its capital return programme and posted a rise in first-half profit and revenue amid its highest home completions in 12 years.
Antofagasta was boosted by an upgrade to ‘hold’ from ‘sell’ at Deutsche Bank, which lifted its price target on the stock to 850p from 840p. It noted that Antofagasta shares are down around 15% since mid-January, having suffered an "aggressive" correction following the outbreak of the coronavirus.
On the downside, Imperial Brands was weaker after it issued a profits warning as a worldwide crackdown on vaping products takes effect.
GlaxoSmithKline was in the red after the drugs giant posted lower-than-expected fourth-quarter sales, although profits were in line with estimates.
FTSE 100 - Risers
Smurfit Kappa Group (SKG) 2,884.00p 6.11%
Smith (DS) (SMDS) 371.50p 5.42%
International Consolidated Airlines Group SA (CDI) (IAG) 625.40p 5.22%
Informa (INF) 822.60p 4.76%
Mondi (MNDI) 1,650.50p 4.66%
Evraz (EVR) 398.60p 4.43%
Barratt Developments (BDEV) 852.40p 3.82%
TUI AG Reg Shs (DI) (TUI) 842.80p 3.54%
easyJet (EZJ) 1,534.50p 3.44%
Antofagasta (ANTO) 887.20p 3.40%
FTSE 100 - Fallers
Imperial Brands (IMB) 1,811.20p -7.27%
GlaxoSmithKline (GSK) 1,765.00p -2.75%
NMC Health (NMC) 977.00p -2.45%
BT Group (BT.A) 158.92p -2.40%
Hargreaves Lansdown (HL.) 1,742.50p -2.00%
Vodafone Group (VOD) 148.88p -1.56%
Ocado Group (OCDO) 1,232.00p -0.88%
Ferguson (FERG) 7,316.00p -0.84%
United Utilities Group (UU.) 988.20p -0.70%
Meggitt (MGGT) 669.80p -0.68%