Rolls-royce helps Footsie gain altitude

Market report Emma Newlands

Surging Rolls-royce shares helped nudge the FTSE 100 into positive territory, with investors celebrating news that the engine-maker had swung to an annual profit.

It topped London’s blue-chip index, which ended the day up 11.09 points at 7,157.84.

In currency markets, the pound was nearly flat against the US dollar at $1.388, and was up just 0.05 per cent versus the euro at €1.120.

In UK stocks, Paddy Power Betfair shares fell 280p to 7,940p despite an 18 per cent increase in full-year underlying earnings, as investors turned their attention to a spate of sporting upsets that benefited bookmakers but resulted in punters placing fewer bets themselves.

Legal & General rose 2.5p to 260.3p after the insurer reported record annual profits – up about a third to £2.1 billion – helped by changes in life expectancy rates and a strong performance in its retirement division.

Debenhams edged lower by 0.12p to 27.76p amid news that it has struck a concession deal with French interiors brand Maisons du Monde to revamp trading. It will open in-shop concessions in three of its stores this spring. The biggest risers on the FTSE 100 included Smurfit Kappa ,up176pto 3,218p, Evraz, up 15.4p to 455.1p, and Just Eat, up 23.8p to 768.6p. The biggest fallers included WPP, down 49p to 1,210.5p, NMC Health, down 84p to 3,274p, and Intertek Group ,down101pto 4,991p. The engine maker signalled further job cuts amid plans to ramp up cost savings as it bounced back from record losses with a £4.9 billion annual profit haul. Shares in the waste recycling group plunged after the company yesterday warned investors over the impact of recycling rules changes in China.