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03 Aug, 2021 15:24

FTSE 100 movers: BP gushes higher on results; Smiths Group tumbles

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London’s FTSE 100 was up 0.3% at 7,100.31 in afternoon trade on Tuesday.

BP was the standout gainer after saying it expected to buy back about $1bn of shares each quarter and increase its dividend over the next five years as the oil company swung to a second-quarter profit.

Underlying replacement cost profit was $2.8bn in the three months to the end of June compared with a $6.7bn loss a year earlier after oil prices rebounded. Profit was $2.6bn in the first quarter of 2021.

BP increased its second-quarter dividend to 5.46 cents a share from 5.25 cents a year earlier and said it would buy back $1.4bn of shares from first-half surplus cash flow. The company's performance has been boosted by rising oil prices after a collapse in the early stages of the pandemic.

Fresnillo shone after it announced a jump in its interim dividend as the precious metals miner reported earnings up 59% in the first half supported by higher prices.

Earnings before interest, tax, depreciation and amortisation rose to $747m in the six months to the end of June from $470m a year earlier as revenue increased 39% to $1.47bn.

Fresnillo increased its interim dividend to 9.9 cents a share from 2.3 cents a year earlier. The total payout rose to $73m from $16.9m.

Engineer Smiths Group tumbled after announcing late on Monday that it had agreed to sell its medical division to US private equity firm TA Associates for $2.3bn.

Smiths, which is planning a "significant" return of capital to shareholders once the sale has completed, said the disposal was "superior to all other proposals received" during the separation process and is a better outcome for shareholders than a demerger.

FTSE 100 - Risers

BP (BP.) 300.35p 3.66%
Sainsbury (J) (SBRY) 292.10p 2.42%
Fresnillo (FRES) 836.80p 1.70%
Anglo American (AAL) 3,353.50p 1.62%
Rightmove (RMV) 730.20p 1.56%
Imperial Brands (IMB) 1,575.50p 1.19%
Coca-Cola HBC AG (CDI) (CCH) 2,769.00p 1.17%
Admiral Group (ADM) 3,416.00p 0.98%
Intertek Group (ITRK) 5,208.00p 0.97%
Sage Group (SGE) 720.00p 0.90%

FTSE 100 - Fallers

Smiths Group (SMIN) 1,433.00p -8.84%
Flutter Entertainment (CDI) (FLTR) 12,055.00p -3.25%
Weir Group (WEIR) 1,688.00p -2.54%
Pearson (PSON) 808.00p -2.30%
Melrose Industries (MRO) 164.75p -2.17%
Schroders (SDR) 3,624.00p -1.84%
InterContinental Hotels Group (IHG) 4,684.00p -1.78%
International Consolidated Airlines Group SA (CDI) (IAG) 170.52p -1.69%
Smith & Nephew (SN.) 1,415.00p -1.67%
St James's Place (STJ) 1,595.00p -1.66%


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.