London midday: Stocks gain as paper sector rallies after Smurfit results
London stocks had extended gains by midday on Wednesday, having taken their cue from solid US and Asian sessions, as investors sifted through a raft of corporate news.
The FTSE 100 was up 0.6% at 7,611.11.
Paper and packaging companies were the top performers on the FTSE 100 after corrugated packaging group Smurfit Kappa hiked its dividend by 10% and reported jump in full-year revenue and earnings amid solid demand. Smurfit rose just over 2%, but peers Mondi and DS Smith enjoyed even bigger gains.
Russ Mould, investment director at AJ Bell, said: "Smurfit Kappa helped lift its industry peers with guidance for rising prices that should benefit the entire space amid strong demand."
Elsewhere, insurer Admiral was a high riser after an upgrade to ‘buy’ at HSBC.
Housebuilder Barratt gained after it reported a slight rise in interim profits and lifted its dividend despite an 11% fall in completions and weaker revenue. Peers Taylor Wimpey, Persimmon and Bellway also gained.
Imperial Leather maker PZ Cussons advanced even as it reported a decline in interim profit and revenue, noting a drop in demand for hygiene products since the height of the pandemic.
Dunelm rose ground as the homeware retailer posted record first-half profit and declared a special dividend as homeware and furniture sales continued to outperform the market, but warned that cost pressures could see some price rises.
Discoverie was up after saying it was on track to deliver full-year underlying earnings for continuing operations ahead of the board’s previous expectations despite ongoing supply chain headwinds.
GlaxoSmithKline reversed earlier small gains to trade lower after the pharmaceuticals giant said Covid-related sales hit £1.4bn last year as it reported better-than-expected fourth-quarter earnings.
Market Movers
FTSE 100 (UKX) 7,611.11 0.58%
FTSE 250 (MCX) 22,160.62 1.71%
techMARK (TASX) 4,427.50 0.95%
FTSE 100 - Risers
Mondi (MNDI) 1,949.00p 4.98%
Admiral Group (ADM) 3,050.00p 3.21%
Rolls-Royce Holdings (RR.) 120.78p 3.04%
International Consolidated Airlines Group SA (CDI) (IAG) 172.12p 2.97%
Kingfisher (KGF) 316.10p 2.93%
Compass Group (CPG) 1,807.00p 2.67%
Whitbread (WTB) 3,145.00p 2.48%
Smith (DS) (SMDS) 373.90p 2.41%
3i Group (III) 1,370.50p 2.35%
London Stock Exchange Group (LSEG) 7,136.00p 2.29%
FTSE 100 - Fallers
Standard Chartered (STAN) 561.00p -1.82%
Sainsbury (J) (SBRY) 276.90p -1.70%
Airtel Africa (AAF) 139.70p -1.41%
GlaxoSmithKline (GSK) 1,625.20p -1.13%
HSBC Holdings (HSBA) 559.10p -0.78%
Ocado Group (OCDO) 1,217.00p -0.65%
NATWEST GROUP PLC ORD 100P (NWG) 247.30p -0.56%
Legal & General Group (LGEN) 287.10p -0.42%
Barclays (BARC) 205.50p -0.34%
Flutter Entertainment (CDI) (FLTR) 10,915.00p -0.27%
FTSE 250 - Risers
Micro Focus International (MCRO) 437.40p 7.34%
Aston Martin Lagonda Global Holdings (AML) 1,193.50p 7.09%
TUI AG Reg Shs (DI) (TUI) 271.90p 6.38%
easyJet (EZJ) 715.20p 5.86%
Cineworld Group (CINE) 38.34p 4.87%
Darktrace (DARK) 393.60p 4.79%
PureTech Health (PRTC) 287.00p 4.74%
Baltic Classifieds Group (BCG) 189.50p 4.70%
Trustpilot Group (TRST) 169.60p 4.56%
Wizz Air Holdings (WIZZ) 4,556.00p 4.47%
FTSE 250 - Fallers
Chrysalis Investments Limited NPV (CHRY) 180.00p -1.10%
Helios Towers (HTWS) 151.60p -0.79%
Hochschild Mining (HOC) 102.20p -0.78%
Chemring Group (CHG) 274.00p -0.72%
Tate & Lyle (TATE) 710.00p -0.67%
Investec (INVP) 454.70p -0.61%
BMO Commercial Property Trust Limited (BCPT) 108.60p -0.55%
Apax Global Alpha Limited (APAX) 209.00p -0.48%
SDCL Energy Efficiency Income Trust (SEIT) 115.50p -0.43%
Energean (ENOG) 925.50p -0.38%