The FTSE 100 nudged higher in morning trading as investors digested a slew of corporate results and braced themselves for a key US inflation reading, which will be pored over for hints about possible interest rate cuts and the direction of the world’s largest economy.
Leading the way on the senior index, up 19 points, or 0.3 per cent, to 7,644.438, was Howden Joinery as its confident outlook on the year ahead propelled shares in the kitchens and joinery products supplier up 65¾p, or 8.5 per cent, to 838¼p: their highest level in more than two years.
Haleon was another big riser, picking up 16¼p, or 5.1 per cent, to 330p after announcing plans for a £500 million share buyback alongside full-year results. Strong final results from Schroders pushed the fund manager up 5p, or 1.3 per cent, to 389¾p, and shrinking losses at Ocado lifted the FTSE 100 online retailer and technology group by 8p, or 1.6 per cent, to 498½p.
On the FTSE 250, which was trading 90 points, or 0.5 per cent, higher at 19,103.97 on the approach to midday, Drax powered up 43p, or 10.2 per cent, to 461¾p after the energy group raised its dividend as it posted a sharp increase in annual profits.
Weir Group’s full-year sales came in a touch lighter than the City had been expecting, enough to bring shares in the engineering firm down 47p, or 2.5 per cent, to £18.29½. Shares in London Stock Exchange Group were also under pressure, losing 60p, or 0.7 per cent, to £88.64, which analysts put down to operating expenses for last year coming in higher than expected.