Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.
(Sharecast News) - London's FTSE 100 was up 0.3% at 10,767.49 in afternoon trade on Tuesday.
Kingfisher surged to the top of the index as the DIY retailer lifted annual guidance after a jump in half-year profits driven by a strong performance at its Screwfix unit which reported a 5.6% jump in like-for-like sales.
The owner of B&Q, Brico Depot and Castorama said it now expects adjusted pre-tax profit of £595m to £635m, up from previous guidance of £565m to £625m, and free cash flow of £480m to £520m, versus £450m to £510m previously.
Smiths Group was also sharply higher as the engineer posted above-forecast earnings and guided for stronger growth going forward, despite the ongoing impact of war in the Middle East.
JD sports advanced ahead of its half-year results on Wednesday.
BP and Ithaca Energy both fell in tandem with oil prices. Ithaca was also in focus as Shore Capital initiated coverage on the shares with a 'buy' rating and 340p price target, saying it has established itself among the largest remaining UK oil and gas producers after a decade of acquisition activity.
The broker said Ithaca has reached a scale where its portfolio can generate sufficient cash flow to fund stable - if not growing - production, while paying a circa 8% dividend yield.
"Having endured a challenging UK fiscal and regulatory environment over the last five years, we believe Ithaca is strongly positioned to benefit from a more pragmatic UK energy policy," it said.
FTSE 100 - Risers
Kingfisher (KGF) 336.30p 10.04%
Smiths Group (SMIN) 2,762.00p 6.64%
JD Sports Fashion (JD.) 77.68p 5.11%
Coca-Cola HBC AG (CDI) (CCH) 4,448.00p 4.27%
International Consolidated Airlines Group SA (CDI) (IAG) 447.00p 3.42%
Informa (INF) 917.00p 2.71%
Antofagasta (ANTO) 3,875.00p 2.70%
Anglo American (AAL) 4,165.00p 2.68%
St James's Place (STJ) 1,146.00p 2.28%
Marks & Spencer Group (MKS) 375.30p 1.96%
FTSE 100 - Fallers
BT Group (BT.A) 193.25p -2.94%
Airtel Africa (AAF) 312.20p -2.19%
Admiral Group (ADM) 3,772.00p -1.67%
BP (BP.) 533.60p -1.66%
Glencore (GLEN) 535.20p -1.64%
Vodafone Group (VOD) 126.20p -1.33%
Ithaca Energy (ITH) 280.10p -1.30%
British Land Company (BLND) 401.00p -1.23%
Hiscox Limited (DI) (HSX) 1,922.00p -1.08%
Standard Chartered (STAN) 2,294.00p -1.08%
