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FTSE 100 lifted by Prudential as profits rise FTSE 100 lifted by Prudential as profits rise
(about 5 hours later)
(Noon): Prudential helped to lift the FTSE 100 after the insurance giant reported better-than-expected profits. (Close): Prudential helped to lift the FTSE 100 after the insurance giant reported better-than-expected profits.
Pre-tax operating profits at Prudential rose 22% to £4bn, beating forecasts, and the firm said it would also pay a special dividend of 10p per share.Pre-tax operating profits at Prudential rose 22% to £4bn, beating forecasts, and the firm said it would also pay a special dividend of 10p per share.
Prudential's shares rose more than 4% on the news, making it one of the best performing stocks in the FTSE 100. Prudential's shares closed 2.9% higher at £13.65, making it the top riser on the FTSE 100.
Shortly before midday, the FTSE 100 index was up 32.37 points, or 0.5%, at 6,157.81. The FTSE index closed 0.3%, or 20.8 points, higher at 6,146.3.
Shares in fashion house Burberry fell 6% after HSBC cut its rating on the stock to "hold" from "buy". The fall reversed gains seen on Tuesday that were triggered by speculation that Burberry could be a takeover target. Shares in fashion house Burberry fell 6.7%, making it the biggest faller, after HSBC cut its rating on the stock to "hold" from "buy".
In the FTSE 250, shares in Restaurant Group - which owns chains such as Frankie & Benny's, Chiquito and Coast to Coast - dived 17% after it warned that the "more challenging trading conditions" it had seen at the end of last year were expected to continue during 2016. The fall reversed gains seen on Tuesday that were triggered by speculation that Burberry could be a takeover target.
The comments overshadowed the company's 11% rise in annual pre-tax profits for 2015 to £86.8m. On the FTSE 250, shares in The Restaurant Group - which owns chains such as Frankie & Benny's, Chiquito and Coast to Coast - dived 22.6% after warning that the "more challenging trading conditions" it had seen at the end of last year were expected to continue during 2016.
Also in the FTSE 250, shares in G4S fell by nearly 12% after its annual profits dropped by 40%. The comments overshadowed the company's 11% rise in annual pre-tax profits to £86.8m.
G4S's profit fell to £78m from £128m, with the firm taking a £65m charge to cover possible losses on government contracts. Also on the FTSE 250, shares in G4S fell by 12.1% after its annual profits dropped by 40% to £78m, with the outsourcing firm taking a £65m charge to cover possible losses on government contracts.
On the currency markets, the pound was unchanged on the day against the dollar at $1.4222, but up more than 0.5% against the euro at €1.2976. On the currency markets, the pound was almost flat against the dollar at $1.4224, and largely unmoved against the euro at €1.2906 after an earlier rise.
Sterling was given a slight boost by the latest ONS manufacturing figures that showed output rose by 0.7% in January - the first rise for four months and stronger than forecast.Sterling was given a slight boost by the latest ONS manufacturing figures that showed output rose by 0.7% in January - the first rise for four months and stronger than forecast.
The increase helped the wider measure of industrial production to increase by 0.3%.The increase helped the wider measure of industrial production to increase by 0.3%.