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FTSE opens 0.4% higher as Barclays pleases
StockMarketWire.com
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UK stocks opened higher on Wednesday after Barclays released pleasing results and Vladamir Putin said he was open to 'diplomatic solutions' on Ukraine, though the situation there remained volatile.
At 0816, the benchmark FTSE 100 index was up 32.06 points, or 0.4%, at 7,526.27.
Banking giant Barclays rose 2.6% to 195.12p after its annual profit more than doubled and it said it would launch a £1 billion share buyback.
Barclays' pre-tax profit for the year through December jumped to £8.41 billion, up from £3.07 billion year-on-year, as it benefited from lower-than-expected credit losses.
Mining titan Rio Tinto shed 0.6% to £56.55 even as it more than doubled its annual profit, too, to more than $21 billion, after it benefited from higher commodity prices following an easing of lockdowns globally.
Rio Tinto declared dividends for the year, including special dividends, of $10.40 per share, up 87% year-on-year.
Rival resources house Hochschild Mining fell 1.2% to 101.11p having also reported a rise in annual profit thanks to surging commodity prices.
Luxury car maker Aston Martin Lagonda advanced 4.6% to £11.485 after it racked up another annual loss that was nevertheless narrower year-on-year, due to higher sales.
Aston Martin's pre-tax losses for the year through December narrowed 54% to £213 million after revenue climbed 79% to £1.10 billion as lockdowns eased.
Student accommodation developer Unite rallied 6.8% to £10.585, having swung to a full-year profit and hiked its dividend after an easing of lockdowns helped boost occupancy rates, rental income and the value of its properties.
Unite declared a full-year dividend of 22.1p per share, up 73% year-on-year.
Cybersecurity company Darktrace gained 3.5% to 355.89p following news that it had agreed to acquire Cybersprint for €47.5 million.
Darktrace said Cybersprint's offering could enrich its existing detect and respond products and accelerate its market entry into new areas such as proactive AI cybersecurity.
Fashion retailer Ted Baker firmed 5.1% to 92.39p on announcing that its fourth-quarter sales had risen by more than a third and that it was confirming its targets for the 2023 financial year.
In a trading update for the 12 weeks from 7 November to 29 January, Ted Baker said its sales had risen 35% year-on-year.
Challenger lender Metro Bank added 1.7% to 95.3p despite posted another annual loss after rising revenue was offset by expenses including remediation costs associated with an investigation by Britain's prudential regulator.
Metro Bank's pre-tax losses for the year through December were £245.1 million, compared to year-on-year losses of £311.4 million, and also included asset writedowns and transformation costs.
Oil company Union Jack Oil gained 5.8% to 22.48p on announcing that it was planning to adopt a capital return policy that would allow it to pay dividends or implement share buybacks.
Union Jack Oil said it was making the move after reviewing its plans for 2022 and in light of its 'excellent current performance', principally as a result of the Wressle development.
Story provided by StockMarketWire.com
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