Impressive results from a number of big name companies today helped London’s leading shares index continue its bounce-back from Monday’s sell-off.
The FTSE 100 Index rose 29.8 points to 5,748.7, with Royal Dutch Shell, Whitbread and Unilever shares pushing higher after strong results.
London’s blue chip shares index has now recouped nearly all of the losses it sustained on Monday when political uncertainty in the eurozone triggered a rout.
Shell reported profits of £4.75billion, leading its shares 3.5% or 77.5p higher at 2,266.5p, while BP benefited ahead of its own figures on Tuesday, rising 12p to 444.3p.
Unilever added 3% or 56p to £21.35p after first quarter underlying sales rose by a better than expected 8.4%, while there was a 6% rise for Whitbread after its full-year profits increased by 11% to £320.1million. Shares were up 112p to £19.21.
Pharmaceuticals firm AstraZeneca scaled back its earnings forecasts however, and said chief executive David Brennan would step down in June after six years at the helm. Shares were off 6% or 174.5p at 2,666.5p.
Outside the top flight, shares in Howden Joinery were 4% higher, up 4.9p to 122.6p, after the kitchen supplier said its UK revenues rose 5.9% in the first 16 weeks of the year, but online retailer ASOS slumped 13% or 202p to £13.95 after it reported weaker-than-expected sales growth in the UK and the US.
The biggest Footsie risers included Randgold Resources, ahead 275p at £56.20, and Weir Group up 60p at £17.20.
Among the biggest Footsie fallers were Evraz off 11.5p at 364.1p, Admiral down 36p at £11.95 and Polymetal International off 24p at 915p.
Steven McKay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that Hunting continued its rise of the past few days by closing 1.6% higher at 943.5p.
On the fallers board, STV Group gave up 2.3% to 118p, Stagecoach declined 0.9% to 248.55p and Standard Life lost 0.4% to close the day at 224.1p.