Boots, BT boost FTSE
A bumper flow of corporate updates helped the FTSE 100 Index continue its upward path today.
Heavyweights Boots and BT were among the biggest risers after their annual results pleased investors, helping the Footsie to stand 4.7 points higher at 4954.1 by mid-morning.
The improvement followed two consecutive sessions of gains and left the index on track for its highest close in about a month.
The Footsie got a further boost from the US, where the Dow Jones Industrial Average raced 132.5 points ahead last night on the back of falling oil prices and benign inflation numbers.
In London, BT headed the top flight after saying an excellent fourth quarter performance had contributed to a 4% rise in pre-tax profits to £2.09bn (€3bn).
The group said it had hit its five million target for broadband connections a year ahead of schedule.
Shares lifted 8.25p to 209.5p.
Boots was among the top-flight risers with a 15.5p gain to 612.5p after reporting a smaller-than-expected drop in annual profits and “encouraging” early signs from its business shake-up.
Retailers were also lifted by official figures showing retail sales rising unexpectedly in April. Argos owner GUS cheered 13.5p to 879.5p and Marks & Spencer advanced 3.75p to 332p.
However, Cadbury Schweppes was heading in the opposite direction after reporting a good start to 2005, but forecasting broadly unchanged first half profit margins. It led the Footsie fallers with a 6.5p loss to 539.5p.
National Grid Transco was another faller – off 6p to 516.25p – despite underlying profits rising 3% to £1.4bn (€2bn).
Outside the top flight, furniture group MFI was high on the FTSE 250 Index after reporting an above-expectations 2% rise in same-store sales in the 20 weeks to May 14. Shares lifted 5% or 6.25p to 109.75p.
