FTSE 100 movers: Smurfit rallies on results; Rio in the red

London’s FTSE 100 was up 0.7% in afternoon trade on Wednesday at 7,356.85.

Corrugated packaging company Smurfit Kappa rallied as it reported a rise in first-half profit and revenue despite increasing input costs and supply chain issues.

In the half year ending 30 June, pre-tax profit rose 86% to €769m, on revenue of €6.39bn, up 36% on the same period a year earlier. Meanwhile, earnings before interest, tax, depreciation and amortisation were 50% higher at €1.17bn and the interim dividend was lifted 8% to 31.6 cents a share.

Peers Mondi and DS Smith also gained.

Lloyds was in the black as it lifted annual guidance after a rise in net income for the half year due to rising interest rates, and despite a fall in pre-tax profits.

On the downside, student accommodation provider Unite Group fel even as it reported a jump in interim profits and said reservations are now ahead of pre-pandemic levels.

Rio Tinto lost ground after the miner posted a drop in first-half profit and cut its dividend.

FTSE 100 - Risers

International Consolidated Airlines Group SA (CDI) (IAG) 119.40p 5.51%
Smurfit Kappa Group (CDI) (SKG) 2,845.00p 5.29%
Mondi (MNDI) 1,479.50p 4.45%
Lloyds Banking Group (LLOY) 45.43p 4.36%
Smith (DS) (SMDS) 277.50p 4.24%
Entain (ENT) 1,193.00p 4.24%
Ocado Group (OCDO) 762.00p 3.53%
Flutter Entertainment (CDI) (FLTR) 8,056.00p 3.52%
InterContinental Hotels Group (IHG) 4,889.00p 3.25%
Burberry Group (BRBY) 1,733.00p 2.94%

FTSE 100 - Fallers

Unite Group (UTG) 1,100.00p -6.78%
Rio Tinto (RIO) 4,722.50p -2.09%
Dechra Pharmaceuticals (DPH) 3,594.00p -1.48%
British Land Company (BLND) 475.90p -1.25%
United Utilities Group (UU.) 1,062.00p -1.07%
SEGRO (SGRO) 1,039.50p -1.05%
JD Sports Fashion (JD.) 126.50p -0.98%
Severn Trent (SVT) 2,882.00p -0.93%
Land Securities Group (LAND) 724.20p -0.77%
Prudential (PRU) 977.40p -0.69%