FTSE 100 movers: Aviva and Friends Life up on strong 2014 results, Rio Tinto leads miners lower
Aviva and Friends Life topped the risers after impressing the market with their 2014 results, ahead of their proposed merger to create the largest life and pensions group in the UK. Aviva said operating profits were up 6% at £2.2bn, while Friends Life's bottom line improved 38% to £556m.
Schroders was trading higher after the group bumped up its assets under management by 14% in 2014, driven by net inflows of £24.3bn. Net inflows were driven by “competitive investment performance across a broad product range and strong distribution,” according to Michael Dobson, chief executive.
Rio Tinto led the fallers among other mining stocks, which were mostly weaker after China lowered its forecast for economic growth this year to "around 7%", marking the lowest rate of expansion in 11 years.
Aggreko was trading lower after a year of senior management changes and difficult conditions in some markets saw pre-tax profits decline 13% to £289m in the face of currency headwinds. The company said profits also looked likely to remain flat in the year ahead.
Tullow Oil was damaged by news that it would be demoted from the FTSE 100, following a year of lower oil prices and delays in its West African projects, which combined to hit the company’s market cap.
IAG was in the red, despite boss Willie Walsh receiving a 29% increase in total remuneration for 2014. Walsh’s pay was boosted by shares vesting under a long-term incentive plan, up to £6.4m from 2013’s £4.97m.
Risers
Aviva (AV.) 572.00p +7.52%
Friends Life Group Limited (FLG) 436.10p +7.36%
Schroders (SDR) 3,157.00p +4.05%
Standard Life (SL.) 439.90p +3.95%
Weir Group (WEIR) 1,749.00p +3.37%
Legal & General Group (LGEN) 279.00p +3.22%
Rolls-Royce Holdings (RR.) 978.50p +3.00%
Wolseley (WOS) 4,086.00p +2.92%
Intertek Group (ITRK) 2,599.00p +2.81%
Direct Line Insurance Group (DLG) 341.90p +2.80%
Fallers
Rio Tinto (RIO) 2,997.00p -2.49%
HSBC Holdings (HSBA) 571.80p -2.44%
BG Group (BG.) 922.00p -1.15%
Aggreko (AGK) 1,620.00p -0.98%
Standard Chartered (STAN) 1,014.00p -0.98%
International Consolidated Airlines Group SA (CDI) (IAG) 564.50p -0.88%
Ashtead Group (AHT) 1,134.00p -0.87%
Tullow Oil (TLW) 357.20p -0.81%
Shire Plc (SHP) 5,210.00p -0.76%
easyJet (EZJ) 1,727.00p -0.63%