FTSE 100 Advances; Convatec Rises On Strong Earnings
(RTTNews) - U.K. stocks are notably higher Wednesday morning, lifted by gains in mining and banking sectors. Slightly easing concerns over U.S. - Ukraine tensions after the two countries agreed on a minerals deal aid sentiment.
While mining stocks are up on firm copper prices, bank stocks are gaining thanks to some rating upgrades.
The benchmark FTSE 100, which climbed to 8,738.88, was up 54.76 points or 0.63% at 8,723.43 a little while ago.
Convatec Group shares are rising nearly 7%. The company reported that its preliminary profit before income taxes for the year ended 31 December 2024 increased to $245.9 million from $167.4 million in the previous year. Annual net profit was $190.5 million or 9.3 cents per share, higher than prior year's $130.3 million or 6.3 cents per share.
The company reiterated its guidance for double-digit adjusted earnings per share growth for 2025. It continues to anticipate 5-7% organic growth in non-InnovaMatrix 3 revenues, which accounted for 96% of Group revenue in fiscal year 2024.
Vistry Group, Lloyds Banking Group, Antofagasta, Hiscox, Glencore, Smith & Nephew, Ashtead Group, Beazley, Associated British Foods, Entain, Kingfisher and Barclays Group are up 2 to 3.5%.
Intermediate Capital, Mondi, Easyjet, Admiral Group, Scottish Mortgage, Aviva, Prudential, Anglo American Plc, Coca-Cola and Spirax-Sarco Engineering, Natwest Group, Standard Chartered, Rolls-Royce Holdings and Rentokil Initial are also up sharply.
Hikma Pharmaceuticals is down more than 7%. BP is down 1.5% and Schrodders is declining 1.3%. Unite Group is lower by about 1%.
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