12 days of rises for FTSE as Anglo leads climbers

THE FTSE 100 smashed all existing records as it climbed for a twelfth consecutive day and closed at an all-time high for the tenth day in a row.

The blue- chip index, which has risen every trading day since December 21, yesterday climbed 0.21pc, or 15 points, to 7290.49.

The main market had hit 7326 earlier in the day, setting yet another intra-day record.

Anglo American was the top riser as a weaker pound helped companies with overseas earnings. Shares climbed 3.8pc, or 47.5p, to 1285p.

A downgrade from Credit Suisse sent travel firm Tui to the bottom of the pile. The broker shaved 195p off its target price for the stock to 1040p as it said the outlook for the sector looked tough. Shares fell 4.5pc, or 54p, to 1137p.

PageGroup soared after pre-tax profit climbed 3.8pc in a record fourth quarter at the recruitment firm. Profits in Europe, the Middle East and Africa grew by 12.4pc in the final three months of the year and a weaker pound provided a further boost to the tune of £22m. But in the UK profits slipped 6.7pc in the final three months.

The firm said it had been a challenging quarter which had seen confidence levels among both businesses and candidates fall.

But PageGroup said overall pretax profit for the full year was up 3pc to a record £621.1m. Shares soared 7.3pc, or 28.7p, to 421.7p.

Over-50s specialist Saga slipped after a brief update. The insurance and travel company said trading was strong in the second half of the year and the business is on course to meet expectations for the full year. Forecasts suggest profit growth of up to 7pc this year.

Stockbroker Numis said: ‘ The update does not include any detail on underlying trading performance but we think it is reassuring to hear profits for the year will be in line with expectations.’

Numis said the introduction of new cruise ships in 2019 and 2021 would also boost profit, and that the company had a resilient earnings model with solid, long-term growth potential. Shares tumbled 1.3pc, or 2.6p, to 194.9p.

A pick-up in performance gave sausage casing maker Devro a much-needed boost.

The business, which specialises in collagen products for the food industry, was hit after a profit warning in November.

Yesterday the firm said full-year figures would be in line with expectations. Sales volumes in China doubled after the introduction on a new factory and stronger performance in Russia offset lower sales in Latin America and the US.

Peel Hunt said: ‘ Overall, the update is likely to be seen as reassuring given that the trading performance has not worsened.’ Shares rose 2.6pc, or 5p, to 195p.

Lower- than- expected debt boosted the fortunes of support services firm Interserve.

The group said its net debt at the end of 2016 was better than previously forecast at £270m to £280m.

It said it was trading in line with expectations, with strong results from its overseas business likely to offset a disappointing performance in the UK. Shares gained 4.7pc, or 15p, to 333p.

McBride tumbled after it revealed revenues had fallen 7pc in the first half of the year. But the company, which makes household products such as Oven Pride, said performance in the first half of the year was encouraging and it had made progress on margins and costs.

McBride said it was on track to deliver full-year profit expectations. Panmure Gordon added 10p to its target price for the stock, taking it to 220p. The broker, which has a ‘buy’ rating on the company, said the firm’s debt reduction was promisingly ahead of forecasts and it shared management’s confidence.

It added: ‘McBride continues to take control of its own destiny as it finds more effective, efficient and collaborative ways to work with the traditional grocery retailers.’

But it wasn’t enough to reassure investors. Shares stumbled 1.2pc, or 2.25p, to 178.5p.