The FTSE 100 stayed above the 8,000 point mark at midday on Thursday, supported by strong earnings from Centrica and Relx.
‘Having finally smashed through the 8,000 level on Wednesday, the FTSE 100 shows no signs that its batteries are running out of juice,’ said Russ Mould, investment director at AJ Bell.
The FTSE 100 index was up 7.80 points, or 0.1%, at 8,005.63. The FTSE 250 was up 69.09 points, or 0.3%, at 20,241.78, and the AIM All-Share was up 0.65 of a point, or 0.1%, at 870.18.
The Cboe UK 100 was up 0.1% at 801.44, the Cboe UK 250 was up 0.4% at 17,630.76, and the Cboe Small Companies was up 0.1% at 14,041.91.
The pound was quoted at $1.2058 at midday on Thursday in London, higher compared to $1.2007 at the close on Wednesday.
In London, Centrica remained the best blue-chip performer at midday on Thursday, rising 5.0%.
The British Gas-owner reported it swung to a statutory loss in 2022 on re-measurement and higher operating costs, but adjusted profit tripled as revenue surged 84%.
The Windsor, England-based firm revealed a pretax loss of £240 million in 2022, compared to a profit of £954 million in 2021.
The swing to a loss was on re-measurements after taxation, Centrica said, largely reflecting the revaluation of UK energy supply hedging positions due to wholesale gas and power price falls towards the end of the year. The cost for re-measurement and settlement of derivative energy contracts ballooned to £8.48 billion in 2022 from £434 million in 2021.
Centrica added it intends to extend its existing £250 million buyback programme, announced in November, by an additional £300 million. This would result in Centrica buying back 10% of its share capital, the power utility said.
Relx climbed 2.9%. The analytics firm upped its annual dividend, after it reported a better-than-expected 18% surge in revenue.
London-based Relx recorded revenue of £8.55 million in 2022, up 18% from £7.24 million in 2021. The company noted that Electronic revenue, representing 83% of total revenue, grew by 6%. This was also helped by a further recovery in face-to-face activity and a reducing print drag.
Revenue was also ahead of expectations. According to consensus cited by the Financial Times, Relx was expected to report revenue of £8.39 billion for 2022.
Pretax profit climbed by 20% to £2.49 billion from £2.08 billion.
Standard Chartered rose 2.4% as it reported double-digit rises in both annual profit and income.
The Asia-focused lender reported pretax profit of $4.29 billion in 2022, up 28% from $3.35 billion in 2021, as interest income jumped by nearly 50% to $15.25 billion from $10.25 billion. However, the bank had previously guided for a pretax profit of $4.73 billion.
In the FTSE 250, Bank of Georgia jumped 6.2% as it reported a surge in pretax profit during 2022, as Georgia’s economy grew rapidly, boosted by migration and capital relocation.
The Tbilisi-based lender said pretax profit in 2022 jumped 55% to ?1.24 billion, about £394.9 million, from ?801.9 million a year prior. Net interest income rose 24% to ?1.18 billion from ?953.9 million.
In addition, the bank said it aims to increase its share buyback and cancellation programme by up to ?148 million.
Indivior plunged 13% as it reported a swing to a full-year loss due to a provision for litigation.
The Richmond, Virginia-based pharmaceutical firm swung to a pretax loss of $95 million in 2022 from a profit of $190 million in 2021, despite a jump by 14% in net revenue to $901 million from $791 million.
Indivior booked a $290 million exceptional provision in 2022, as it navigates initial mediation sessions in late January regarding legacy civil multi-district antitrust litigation.
‘Because these matters are in various stages, Indivior cannot predict with any certainty how these matters will ultimately be resolved, or the costs, or timing of such resolution. In particular, any final aggregate costs of these matters, whether resolved by settlement or trial, may be materially different from this provision,’ the company said.
Moneysupermarket dropped 2.9% despite reporting a rise in revenue thanks to its insurance, money and travel channels.
Chester, England-based price comparison site reported revenue of £387.6 million in 2022, up 22% from £316.7 million in 2021.
Insurance revenue increased by 8% to £172.0 million, Money revenue by 37% to £103.3 million, and Travel revenue more than tripled to £14.9 million. However, revenue in its Home Services arm, which includes energy price comparison, fell by 42% to £39.8 million.
Conditions in the wholesale energy market and the introduction of UK government support measures, including the Energy Price Guarantee, meaning it is unlikely that energy switching will return in 2023, Moneysupermarket said.
Elsewhere in London, Devro jumped 6.5% after it said it received an increased and ‘final’ takeover offer from Saria Nederland, an indirect subsidiary of Saria SE & Co.
The sausage casing manufacturer said the revised proposal would see its shareholders receive 320p in cash for each share from Saria Nederland, alongside a second permitted interim dividend of 10p.
This would value the total share capital of Devro at around £564 million on a fully diluted basis, implying an enterprise value of £692 million.
In European equities on Thursday, the CAC 40 in Paris was up 0.9%, while the DAX 40 in Frankfurt was up 0.5%.
The Paris stock exchange bounced to a new record high on earlier on Thursday, the CAC 40 to 7,387.29 points, jumping over its previous record of 7,384.86 points reached in 2022.
The euro stood at $1.0701 midday Thursday, higher against $1.0669 at the London equities close on Wednesday. Against the yen, the dollar was trading at JP¥133.85, lower compared to JP¥134.32.
Stocks in New York were called lower, with the Dow Jones Industrial Average, the S&P 500 index, and the Nasdaq Composite all called 0.1% lower.
Brent oil was quoted at $85.48 a barrel at midday in London on Thursday, up from $84.07 late Wednesday. Gold was quoted at $1,837.42 an ounce, higher against $1,832.19.
Still to come on Thursday’s economic calendar, the US will publish its weekly unemployment claims report at 1330 GMT alongside the producer price index.
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