FTSE indices went up to midday drawing closer to the psychological 7000 mark on results-driven gains by Schorders and Aviva. The optimistic sentiment was not really that remarkable as the Bank of England held its benchmark at 0.5 % and stayed its stimulus package at the £375 billion mark.
The FTSE 100 was up 1.22 points or 0.02 % to 6920.46. FTSE 250 was up 67.95 or 0.4 % to 17,203.6. WTI crude was up 1.34 % to $52.22/bbl. Brent increased 1.34 % to $61.36/bbl. The ECB made its monthly rates call and traders are cautious on the lookout for further QE measures.
Aviva was able to stack 6.06 % to 564.25 as it booked a FY pretax operating profit of £2.173 billion. Other financials followed, Legal & General, Standard Life, Old Mutual and Admiral rose 0.27 % to 1463p as its FY pretax profit fell 4 % to £357 million.
Other sectors that were on the rise included commercial supermarkets and tobacco. Tesco added 1.14 % to 246.03p, British Land rose 1.33 % to 859.75p and British American Tobacco was up 1.38 % to 3865.5p. Oil stocks edged up higher with crude, Wood Group added 2.07 % to 664.5p and Cairn Energy gained 1.9 % to 195.55 respectively.
There were approximately 25 blue-chip fallers. Rio Tinto shed 2.42 % to 2999p and Lonmin deferred 2.18 % to 139p. Sector pals followed in quick succession.
WM Sinclair was down 23.71 % to 37p which saw its FY underlying results materially misappropriated on the year and has appointed a new interim CEO at the same time launching its new transformation plan.
Bet fair was up 15.73 % to 2067p similarly hiked its path for FY 2015. It saw its primary earnings up to £118 million well up on earlier guidance for £97 million-£103 million.
CAP-XX jumped 25.56 % to 1.13p after it cut losses despite its revenues barely picking up. In the meantime, Northern Petroleum was able to land at 12.59 % to 6.08 as it sealed a farm-out deal with Shell.
Better economic views
The Eurozone retail purchasing managers index fell to 46.4 in February from 46.6 the month prior. German factory plunged 3.9 % in January merely adjusting a seasonal swing in inflation after a revised gain of 4.4 % last year according to data by the Economic Ministry.
Genel Energy went up 9.85 % to 616.25p as 2014 numbers revealed its ability to generate cash in the current domestic market. Revenue defeated consensus, coming up at $520 against a predicted $501 million in the realised domestic price of $40 to $45 a barrel was better than what was expected.
Hunting went up 7 % to 506.75 as 2014 resulted in a resilient lower oil prices. Pretax profits plummeted 20 % to $108.5 million on a number of impairments and the group chose not to offer guidance on 2015 provide that the market backdrop is highly volatile.
Vertu Motors (VTU) fell 6.75 % to 56.88p albeit the flagging record of the yearly sales and profits. The disappointing lack of much needed upgrades along with new car sales growth decelerating and margin pressure in secondhand cars lay behind the present share price declines.