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FTSE 100 movers: CRH surges on results; Beazley slumps
(Sharecast News) - London's FTSE 100 was up 0.2% at 7,932.33 in afternoon trade on Thursday. Building materials group CRH surged to the top of the index after it posted a jump in full-year earnings as sales grew amid "resilient" demand, and said it was planning to recommend a transition to a US primary listing this year.
Melrose was also in the black after it said 2022 profits came in higher than expected and forecast a significantly stronger performance from its aerospace unit this year.
Beazley slumped after the insurer reported a drop in full-year profit as it took a hit from investment losses.
In the year to the end of December 2022, pre-tax profit fell 48% to $191m. Beazley pointed to the fact that the energy price spike and rising inflation had caused central banks to hike interest rates, and said this led to mark to market losses in its fixed income portfolio, resulting in an investment loss of $179.7m.
Schroders lost ground as it said annual pre-tax profit slid 23% to £586.9m.
GSK spinoff Haleon was on the back foot as it said full-year adjusted operating profit rose 13.8% and that it expects organic revenue growth of 4% to 6% for 2023, and for the adjusted operating margin to be "broadly flat".
Flutter fell even as it reported strengthened revenues, boosted by acquisitions and a strong performance in the US.
HSBC was weaker as it traded without entitlement to the dividend.
FTSE 100 - Risers
CRH (CDI) (CRH) 4,258.00p 7.57% Melrose Industries (MRO) 159.05p 3.28% Croda International (CRDA) 6,708.00p 2.10% BT Group (BT.A) 142.55p 1.46% Coca-Cola HBC AG (CDI) (CCH) 2,169.00p 1.36% DCC (CDI) (DCC) 4,659.00p 1.33% BP (BP.) 557.00p 1.22% Ashtead Group (AHT) 5,624.00p 1.15% Weir Group (WEIR) 2,041.00p 1.14% Diageo (DGE) 3,559.00p 1.09%
FTSE 100 - Fallers
Beazley (BEZ) 640.00p -6.23% Schroders (SDR) 481.20p -3.80% HSBC Holdings (HSBA) 617.30p -3.59% Haleon (HLN) 316.50p -3.09% Berkeley Group Holdings (The) (BKG) 4,014.00p -2.34% Flutter Entertainment (CDI) (FLTR) 13,190.00p -2.22% Barratt Developments (BDEV) 439.70p -2.18% Persimmon (PSN) 1,251.00p -2.07% Ocado Group (OCDO) 519.00p -2.00% Prudential (PRU) 1,269.50p -1.89%
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