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Lloyds surge bolsters FTSE 100 Unilever review bolsters FTSE 100
(about 5 hours later)
London's leading shares edged higher in Wednesday morning trading, with Lloyds Bank the top gainer after posting its highest profit in a decade. (Close) London's leading shares closed higher on Wednesday, with Unilever the biggest gainer, up 5.7%, after promising a review on ways to increase value for shareholders.
By lunchtime, Lloyds was 3.6% higher after announcing that its profit for last year was up 158%. The move follows its rejection of Kraft Heinz's £115bn offer for the consumer goods giant.
The figures were helped by a reduction in payment protection insurance provisions. Lloyds closed 3.7% higher after announcing sharply higher annual profits.
Overall, the benchmark FTSE 100 index was up 4.45 points or 0.06% at 7,279.28. The FTSE 100 index added 27.4 points, or 0.4%, at 7,302.2 points.
Housebuilder Barratt was another big riser, up 2% after unveiling an 8.8% rise in half-yearly profits. Housebuilder Barratt was bolstered by an 8.8% rise in half-yearly profits, ending 0.5% higher.
The announcement lifted the sector, with rivals Persimmon and Taylor Wimpey adding 0.5% and 0.9% respectively. Its figures bolstered the sector, with rivals Persimmon and Taylor Wimpey adding 0.8% and 0.8% respectively.
On the currency markets, the pound was 0.3% lower against the US dollar at $1.2435 and steady against the euro at 1.1842 euros. On the FTSE 250, outsourcer Serco slumped almost 20% after posting a 14% fall in trading profit and said it was vulnerable to increased global political uncertainty this year.
"We continue to anticipate another reduction in revenues, profitability and earnings, with another step up in net debt," said Shore Capital analyst Robin Speakman.
On the currency markets, the pound was 0.25% lower against the US dollar at $1.2442 and 0.5% weaker against the euro at 1.1786.