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FTSE 100 lifted by Rolls-Royce and Direct Line FTSE 100 lifted by Rolls-Royce and Direct Line
(about 4 hours later)
Shares in aerospace giant Rolls-Royce led the FTSE higher, jumping 9% after its profits beat expectations. Shares in aerospace giant Rolls-Royce led the FTSE higher, jumping 10.25% after its profits beat expectations.
The company reported a 12% rise in revenues to £7.57bn for the first six months of the year, helped by a 27% increase in large engine deliveries.The company reported a 12% rise in revenues to £7.57bn for the first six months of the year, helped by a 27% increase in large engine deliveries.
Rolls also said cost savings were ahead of schedule and it was on target to hit profit forecasts.Rolls also said cost savings were ahead of schedule and it was on target to hit profit forecasts.
The company reported a first-half pre-tax profit of £1.94bn, compared with a £2.15bn loss a year earlier.The company reported a first-half pre-tax profit of £1.94bn, compared with a £2.15bn loss a year earlier.
Underlying profits more than doubled to £287m, comfortably beating analysts' forecasts.Underlying profits more than doubled to £287m, comfortably beating analysts' forecasts.
By midday, Rolls-Royce was the biggest riser on the FTSE 100, with the index up 45.75 points at 7,417.75. At the close, Rolls-Royce was the biggest riser on the FTSE 100, with the index up 51.66 points at 7,423.66.
Intertek Group was another big riser, up 8.7%, after the product testing company said its half-year profits rose more than 20% to £210.3m. Intertek Group was another big riser, up more than 9%, after the product testing company said its half-year profits rose more than 20% to £210.3m.
Shares in Direct Line were up nearly 7% after the insurer reported a 9.5% increase in operating profits to £354.2m. Shares in Direct Line were up more than 5% after the insurer reported a 9.5% increase in operating profits to £354.2m.
On the currency markets, the pound was unchanged against the dollar at $1.3216 and 0.2% higher against the euro at 1.1184 euros. On the currency markets, the pound was down a fraction against the dollar at $1.3208 and 0.34% higher against the euro at 1.1196 euros.