MARKET REPORT: Bumper blue chips ship Footsie to a different document excessive

The FTSE 100 hit a new all-time high amid a flurry of strong corporate updates.

It rose as high as 8455 in early trading but later fell back to 8445.80, which was still 0.2 per cent, or 17.67 points, up. The Footsie has increased nearly 10 per cent this year.

And the FTSE 250 also rose – by 0.8 per cent, or 157.11 points, to 20,775.63. Experian led the way for the blue-chips after a bumper year for the credit scorer.

Revenues rose 6 per cent to £5.6billion in the 12 months to March 31 and are forecast to go up between 6 per cent and 8 per cent for the year ahead. Shares soared 8.1 per cent, or 282p, to 3752p.

Imperial Brands said higher tobacco prices helped its cigarette and vapes arm report its strongest revenue growth in more than a decade.

Riding high: On another record-breaking day on the stock market, it rose as high as 8455 in early trading

The owner of brands such as Golden Virginia and Rizla said tobacco prices rose 8.6 per cent in the six months to the end of March. It gained 5.8 per cent, or 108p, to 1975.5p.

Energy services provider Hunting landed a £115million contract, its biggest ever, with Kuwait Oil Company to supply piping products used in oil and gas production. 

The deal has pushed its order book to a record £527million while annual profit should now come in towards the top end of the £99million to £107million range. 

Shares jumped 18.9 per cent, or 70.5p, to 443p.

Another riser was the specialist geotechnical engineer Keller Group, which surged 21.1 per cent, or 240p, to 1376p. 

The firm, which has worked on the HS2 rail link in the UK, reported a strong first four months of the year.

Soft drinks business Britvic rose 11 per cent or 100.5p to 1018p as it cashed in on sales of Pepsi Max and Lipton in the first half to the end of March and announced a third share buyback programme of up to £75million.

Stock Watch – Abingdon Health

York firm Abingdon Health that makes lateral flow kits has partnered with Boots to launch the world’s first saliva pregnancy self-test.

It said the product, which will be sold under the retailer’s own brand range, is a new way of testing for pregnancy, and comes after Abingdon launched two Boots-branded self-tests for iron and vitamin D deficiency in March.

The stock rose 10.3 per cent, or 1p, to 10.75p but is way below its peak of nearly 126p in January 2021.

Danni Hewson, analyst at AJ Bell, said: ‘London’s blue-chip index has continued to break records thanks to stonking up-dates from the likes of Experian and Imperial. 

UK-listed companies are proving they’re not just cheap targets for bargain hunters but real value propositions. Mid-caps which have also felt unloved are showing their class.’

Compass Group, the world’s largest catering company, hiked its annual profit forecast following a strong first half. Profits, up 18.7 per cent to £1.16billion, are expected to grow towards 15 per cent this year. Bu shares sank 3 per cent or 69p to 2252p.

Harland and Wolff dropped 14.7 per cent, or 1.73p, to 10.02p amid fears it could face closure to due reports of a dispute with the Government over its future.

Investors continued to fret over political turmoil in Georgia after protesters stormed parliament. TBC Bank plunged 14.2 per cent, or 420p, to 2530p while the Bank of Georgia dropped by 13 per cent, or 615p, to 4105p.

Travel firm Tui reported record second-quarter sales. Revenues rose 16 per cent to £3.1billion and 2.8m customers travelled – up 14 per cent. Shares fell 1.6 per cent, or 9.5p, to 591p.

Car dealer Vertu Motors revved up 3 per cent, or 2.3p, to 78.4p as it ended its financial year on a high by posting record sales as prices stabilised. Revenues rose nearly a fifth to £4.72billion.