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“Blue-chips opened on the front foot following advances in the US and Asia,” says AJ Bell Investment Director Russ Mould.
“Tobacco giant Imperial Brands topped the FTSE100 board after strong full-year results. The group has made gains in most of its priority markets and is stepping up its drive into next generation products, with new e-vapour launches in both new and existing markets and consumer trials of heated tobacco products. Imperial Brands is well placed to enhance shareholder value by building on the momentum in its tobacco business and seizing opportunities in next generation products. The group’s shares were up by more than 2.2%.
“Associated British Foods was one of the biggest blue-chip fallers despite a 22% jump in adjusted pre-tax profits and a 12% dividend increase. Primark continues to be the jewel in the crown with sales up 19%. It performed particularly well in the UK where it significantly increased its share of the total clothing market. ABF, though, warned that it would feel the effects of adverse currency movement in the first half of next year but recent strengthening of the euro against the US dollar will benefit Primark’s margins. ABF’s shares were down by over 2.6%.
“International sales, marketing and support services group DCC was a strong blue-chip riser after it made its first foray into the huge US LPG market. DCC LPG has agreed to buy NGL Energy Partners' Retail West LPG division for $200m. This marks a significant step in the group's strategy to build a global LPG business. The US is one of the world's largest LPG markets but it is highly fragmented, with over 4,000 LPG distribution businesses. DCC’s shares were up by over 2.1%.”
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