STOCK WATCH

AN UPGRADE from bankers at JP Morgan saw medical equipment company Smith & Nephew soar up the FTSE 100.

It jumped 4.2pc, or 51.5p, to 1293.5p after the investment bank hiked its rating to overweight from neutral.

JP Morgan said Smith & Nephew’s new cost savings programme and a new chief executive could be catalysts for further growth.

While it expected Smith & Nephew to benefit from US tax reform, the actual benefit was better than anticipated.