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Drinks giant Diageo bolsters FTSE 100 RBS and Diageo lead FTSE 100 higher
(about 4 hours later)
The UK stock market edged higher, with drinks giant Diageo leading the way after its sales growth beat forecasts. The UK market posted modest gains, with Royal Bank of Scotland leading the way despite it setting aside more money to deal with US litigation.
Shortly after trading began, the benchmark FTSE 100 share index was up 6.66 points at 7,171.09. Shortly before midday, the FTSE 100 index was up 13.47 points at 7,177.90.
Diageo shares rose more than 4% after the company - whose brands include Johnnie Walker Scotch and Smirnoff vodka - reported a 4.4% rise in sales for the half-year to 31 December. RBS jumped 5.2% even though the bank said it had set aside a further $3.8bn (£3.1bn) to cover potential fines.
The provision is for an expected penalty over the sale of financial products linked to risky mortgages before the 2008 financial crisis.
"RBS shares are up a touch today, perhaps as investors decide that things might not be as bad as feared (the fines coming its way could be less than the $12bn expected), and that things can now only get better," said Neil Wilson from ETX Capital.
"That's a big assumption... it may to have to set more aside. It all depends on the negotiations with the Department of Justice."
Diageo shares rose more than 4% after the company - whose brands include Johnnie Walker Scotch and Smirnoff vodka - reported a better-than-expected 4.4% rise in sales for the half-year to 31 December.
The company said it had been helped by an improved performance from its US spirits business.The company said it had been helped by an improved performance from its US spirits business.
Whitbread shares were the biggest fallers on the index, down nearly 6% after the company reported disappointing trading at the London branches of its Premier Inn hotels business. Whitbread shares fell 4.9% after the company reported disappointing trading at the London branches of its Premier Inn hotels business.
A key revenue measure for the London hotels fell by 6% in the three months to 1 December.A key revenue measure for the London hotels fell by 6% in the three months to 1 December.
The results overshadowed better figures from its Costa Coffee chain, where like-for-like sales grew by 4.3%.The results overshadowed better figures from its Costa Coffee chain, where like-for-like sales grew by 4.3%.
On the currency markets, the pound rose 0.15% against the dollar to $1.2652 and was 0.3% higher against the euro at 1.1783 euros. On the currency markets, the pound fell 0.4% against the dollar to $1.2580 and was 0.3% lower against the euro at 1.1722 euros.