FTSE 100 Edges Higher As Investors React To Earnings

(RTTNews) - UK stocks are slightly higher Thursday morning with investors digesting the latest batch of economic data, and earnings news, besides awaiting the monetary policy announcement from the European Central Bank.

The benchmark FTSE 100 was up 23.14 points or 0.27% at 8,580.95 a little while ago.

Airtel Africa is rising 9% after reporting strong growth in nine-month pre-tax profit. The company posted a profit before tax of $494 million, up 796.6% from $55 million last year.

Net profit attributable was $164 million in the nine-month period, compared to a loss of $61 million in the same period last year. Airtel Africa recorded basic earnings per share of 4.4 cents, compared to a loss of 1.6 cents a year ago.

EasyJet is up 3.6% and Intermediate Capital is gaining 2.5%. Prudential, Taylor Wimpey, RightMove, Kingfisher, Rolls-Royce Holdings, Barratt Redrow, Hikma Pharmaceuticals, United Utilities, Diploma and Marks & Spencer are up 1.5 to 2%.

Schrodders, IMI, Vistry Group, IAG, Auto Trader Group, Croda International, Spirax-Sarco, Mondi and Melrose Industries are also up with strong gains.

BT Group is declining 2.5% are reporting lower revenues for the third quarter. The company reported third-quarter profit before tax of 427 million, up 1% from last year, primarily due to EBITDA growth. Adjusted EBITDA was 2.10 billion pounds, up 4% from last year's 2.03 billion pounds.

The company's revenue in the third quarter was 5.2 billion pounds, down 3% from the prior year. Adjusted revenue 5.18 billion pounds fell 3% from 5.34 billion pounds a year ago.

Whitbread, Admiral Group, Sage Group and GSK are down 1 to 2%.

On the economic front, a report from Bank of England said net consumer credit borrowing by individuals in UK was £1.045 billion in December 2024, slightly up from £0.9 billion in November and above forecasts of £0.95 billion.

A separate data from Bank of England said net mortgage approvals for house purchases in the UK, an indicator of future borrowing, rose to 66.53 thousand in December 2024 from an upwardly revised 66.06 thousand in the previous month, and above expectations of 65.4 thousand.

UK car production fell 27.1% year-on-year in December 2024, totaling 45,022 units, marking the tenth straight month of decline, and reflecting the ongoing shift to EVs and decreased demand in key global markets. In 2024, total car production decreased by 13.9% to 779,584 units, reaching the lowest annual output since 1954, aside from the pandemic period.