FTSE 100 movers: BHP higher after beating forecasts, Meggitt hit by falling profits

Mining giant BHP Billiton jumped after beating forecasts with a less-than-expected decline in earnings in the first half. Underlying operating profits fell 12.3% year-on-year to $14.49bn, compared with consensus forecasts of $13.62bn. The group also pledged to keep its dividend policy unchanged despite the proposed de-merger of its non-core operations.

"These results demonstrate the effectiveness of our strategy and the quality of our people, assets and processes,” said chief executive Andrew Mackenzie. Despite significant falls in the prices of our main commodities over the last six months, group margins remain healthy, free cash flow has increased and we have strengthened our balance sheet.”

Other miners were also trading higher, including Glencore and Anglo American.

Paper and packaging group Mondi rose after revealing that profit before tax rose 24% to €619m in 2014 while its full-year dividend was lifted 17%.

Engineering group Meggitt declined as it reported a 13% fall in underlying pre-tax profit in 2014 following a “challenging year”. Even ignoring the impact of currencies, disposals or acquisitions there was still an 11% fall, with underlying earnings per share down 14% to 32.4p.

Sector peer GKN underwhelmed despite beating forecasts with a 4% increase in pre-tax profit in 2014. Numis downgraded the stock from ‘add’ to ‘hold’ after a strong run in the shares over recent months. Sales declined by 2% to £7.46bn after a £403m negative impact from currency movements.

Persimmon also failed to impress despite meeting expectations with a 44% increase in underlying pre-tax profits in 2014 and accelerating its proposed cash return plan. The stock was reversing after having jumped 18% since mid-January.

Risers
BHP Billiton (BLT) 1,624.00p +4.98%
SSE (SSE) 1,569.00p +2.21%
Hargreaves Lansdown (HL.) 1,103.00p +2.13%
Tullow Oil (TLW) 400.20p +2.07%
Royal Mail (RMG) 432.00p +2.06%
Anglo American (AAL) 1,218.50p +1.71%
Glencore (GLEN) 291.45p +1.52%
Mondi (MNDI) 1,294.00p +1.33%
Dixons Carphone (DC.) 449.80p +1.31%
BG Group (BG.) 973.40p +1.25%

Fallers
Persimmon (PSN) 1,645.00p -3.80%
Meggitt (MGGT) 553.00p -3.15%
Taylor Wimpey (TW.) 141.20p -2.82%
Vodafone Group (VOD) 226.75p -2.56%
Weir Group (WEIR) 1,838.00p -2.18%
GKN (GKN) 379.00p -1.81%
Rolls-Royce Holdings (RR.) 934.00p -1.68%
St James's Place (STJ) 888.50p -1.66%
Sports Direct International (SPD) 690.00p -1.50%
Bunzl (BNZL) 1,923.00p -1.38%