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FTSE 100 higher after European backing for Astra vaccine
StockMarketWire.com
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The FTSE 100 enjoyed a positive day on Tuesday to finish just above 6,800 up 0.8% by the close.
News that European Medicines Energy believes the benefits of the AstraZeneca vaccine outweigh any risks after several European countries suspended its use helped sentiment.
AstraZeneca shares were up 3.5% to £72.20. The company agreed to supply 500,000 additional doses of its Covid-19 vaccine to the US.
AstraZeneca also announced that it had sold its 26.7% stake in Viela Bio, owing to Horizon Therapeutics's acquisition of Viela, for cash proceeds and profit of about $775 million.
The S&P 500 was flat by 4.30pm UK time with tomorrow's meeting of the US Federal Reserve and any potential signal on the pace and direction of interest rates in focus.
Bakery chain Greggs rallied 4.7% to £23.15, even as it reported its first loss as public company, but voiced optimism, saying it had made a better-than-expected start to 2021.
Greggs continued to keep its dividend suspended, saying it would need to return to a level of profitability and cash generation sufficient to resume payouts.
Natwest, the bank formally known as Royal Bank of Scotland, slipped 1.1% to 186.5p on confirming that UK authorities had launched criminal proceedings against it over historic allegations of money laundering.
The UK's Financial Conduct Authority had commenced proceedings against subsidiary National Westminster Bank for alleged offences between 11 November 2011 and 19 October 2016.
Copper producer Antogasta edged back 0.6% to £17.26 after it posted a rise in annual earnings, as higher metal prices offset lower production.
Antofagasta upped its dividend to 54.7c per share, from 17.8c year-on-year.
Oil services outfit Wood Group shed 2.8% to 308.3p, having swung to a full-year loss and scrapped its dividend after the pandemic pressured crude prices, drying up the contract pool as producers cut costs.
Wood said its order book at 31 December was down around 17%, though it would continue to focus on improving margins in 2021 through better project execution and cost cutting.
Plumbing company Ferguson rose 0.4% to £90.64 as it unveiled a $400 million share buyback and upped its dividend, having reporting a rise in first-half profit.
Ferguson would buy back the shares over the next 12 months, citing a 'strong' financial position.
Plastic piping-system maker Polypipe firmed 1.8% to 569p after it booked a 60% slump in annual profit, but hiked its dividend citing a second-half rebound in housing construction markets.
Polypipe also said it would change its name to Genuit on 6 April, reflecting the development of new product areas. It increased its dividend to 4.8p per share, up 20% year-on-year.
Listed company investor Smithson Investment Trust gained 1.3% to £16.61 on posting a positive annual performance that easily beat its benchmark.
Smithson Investment's net asset value total return per share for the year through December was 31%, beating a 12% return on the MSCI World SMID Index.
Student accommodation provider Unite added 2.9% to £10.27, despite posting a full-year loss as the pandemic weighed on the value of its properties and it offered affected students rent waivers and discounts.
Unite, however, reinstated its dividend, citing the strength of its growth prospects.
Story provided by StockMarketWire.com
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