London’s leading share index was trading broadly flat this morning with little economic news to lend support and a mixed bag of corporate updates.
The FTSE 100 was down less than 4 points at 7,680.77 by mid-morning. The lacklustre mood filtered down to the FTSE 250, which edged 2.76 points higher to 19,129.17.
At the top end of the blue-chip index was Vodafone, which advanced 1¾p, or 2.3 per cent, to 67¾p as Reuters reported that the telecoms giant was likely to hold a minority stake if a deal is reached on a potential tie-up of its Italian operation with Swisscom’s Italian unit Fastweb.
Smith & Nephew was also on the move higher, rising 21½p, or 1.9 per cent, to £11.47 as the medical device maker forecast an improvement in profit margins this year after reporting a rise in both pre-tax profit and revenues for 2023.
Higher metal prices gave a lift to Anglo American and Endeavour Mining, which improved 41p, or 2.4 per cent, to £17.67½ and 14p, or 1.1 per cent, to £12.77, respectively, while a strong update from the Italian spirits group Campari lifted Diageo by 38½p, or 1.3 per cent, to £30.30.
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By contrast, Croda International spooked the market as the chemicals group warned that it expected profits and margins to fall this year as it grapples with customer destocking and subdued demand at two of its three main businesses. The shares slipped 219p, or 4.5 per cent, to £46.84.
The consumer goods group Unilever fell after a downgrade from Morgan Stanley, down 71p, or 1.8 per cent, to 39.25. The stock was joined at the bottom of the blue-chip fallers by Imperial Brands, down 66p, or 3.6 per cent, to £17.53½ after a report that a new tax on vapes could be introduced in next week’s budget.
