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FTSE 100 back above 7,000 amid strong corporate earnings
StockMarketWire.com
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The FTSE 100 was up 0.6% and just about above 7,000 after a series of strong corporate updates both today in the UK and overnight in the US.
On a busy day for reporting from FTSE 100 companies, Royal Dutch Shell's shares rose 0.8% to £13.28 as it confirmed a 4% increase on its dividend per share payment to 17.35 cents for the first quarter of 2021.
The oil giant said earnings rose to $3.2 billion, up from $393 million in the final quarter of 2020. It has also generated more than $8 billion of cash in the first three months of the year, while reducing net debt by over $4 billion to $71.3 billion during the same time period.
Mining giant Glencore, which reported first-quarter production was 'broadly in line' with its expectations as coal production fell and copper production increased, saw its share price remain flat at 303.45p. The company forecast full-year marketing earnings within the top half of guidance.
Weir Group expects to deliver growth in line with current market expectations as it confirms an 11% increase in group orders in Q1 as mining and infrastructure markets continue to strengthen. The update pushed its share price up 1.5% to £19.72.
On the downside, Natwest Group saw its shares fall 3.8% to 195.8p despite announcing a pre-tax profit of £946 million for the first quarter of the year, which beat market expectations.
Gross inflows into St James's Place reached £4.79 billion for the first quarter of 2021, 19% higher than the same period last year as investor confidence improved and clients returned to longer-term investments. The statement provided a 2% boost to its share price, to £13.51.
Schroders' assets under management remained stable for the first quarter of 2021, reaching £672 billion at the end of March, compared with £630billion at the end of 2020. Its share price gained 0.8% to £35.88.
Insurance company Lancashire said gross premiums written rose to a record for the March quarter, driven by growth in its property and casualty reinsurance segment.For the three months ended 31 March 2021, Gross premiums written increased by 46.1% year on year to $354.8 million. The news sent its share price up 3% to 700p.
Finally, Pershing Square Holdings confirmed it will pay a second quarter dividend of 10cents, following its annual general meeting. The dividend will be paid on 18 June, 2021. Its share price rose 0.6% to £27.20.
Story provided by StockMarketWire.com
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