Rolls-Royce rose to the top of the FTSE 100 leaderboard this morning after the engine-maker doubled profits over the past year and forecast further growth in 2024, capping a year in which its share price has more than tripled. Its shares jumped by 30p, or 9 per cent, to 359¼p, their highest level since 2018.
Another big riser was the insurer Beazley, whose shares rose by 49p, or 8.4 per cent, to 631p after it said it would be returning an extra $300 million to shareholders off the back of better-than-expected claim numbers. Hikma Pharmaceuticals rose by 102½p, or 5.1 per cent, to £21 after the drug-maker reported a 30 per cent increase in net profit.
Anglo American gained 108p, or 6 per cent, to £18.23, after the mining giant’s poor full-year results came in largely as expected after a nasty surprise in December when it announced deep production cuts, causing its share price to fall by a fifth.
Despite the flurry of well-received corporate results the FTSE 100 was trading flat, up only 19.46 points, or 0.3 per cent, to 7,682.95 and missing out on a wider global rally following the US tech firm Nvidia’s bumper earnings.
At the same time, investors shrugged off mixed results from Lloyds Banking Group, which said that it had set aside £450 million to deal with the costs associated with a regulatory review into motor finance, although its annual profit increased by 57 per cent. Its shares rose marginally by 1p, or 2.1 per cent, to 44¼p.
Advertisement
WPP stood at the other side of the senior index, falling by 22¾p, or 2.9 per cent, to 757½p after it reported a fall in US sales in the fourth quarter, its largest market by far.
On the FTSE 250, which was up 135.65 points, or 0.7 per cent, to 19,254 by midday, Indivior rose by 214p, or 15.8 per cent, to £15.70 after saying that it planned to move its primary listing from London to New York and had begun canvassing shareholder support for the switch.