FTSE 100 movers: Rolls-Royce rockets on results; Paddy Power pummelled
London's FTSE 100 was up 0.2% to 7,161.43 in afternoon trade on Wednesday, with sharp gains for Rolls-Royce helping to offset jitters about a US trade war.
Rolls-Royce racked up stellar gains as the engine marker reported profits and cash flow well above expectations for 2017 thanks to improved revenues and a vigorous cost-saving programme, even though cash was hit by costly reliability issues in its Trent 1000 and Trent 900 models.
Smurfit Kappa was on the front again after announcing on Tuesday that it had rejected a takeover approach from International Paper, while Just Eat was clawing back some of the losses it incurred a day earlier when investors were left disappointed by its investment plans.
National Grid powered ahead after relaying its tentatively positive initial thoughts with regard to the latest gas and electricity transmission price control proposal from regulator Ofgem.
Airlines EasyJet and IAG flew higher after Citi initiated coverage of both stocks at 'neutral'.
On the downside, Paddy Power Betfair retreated after saying it swung to a net profit in 2017 as operating profit and revenue grew, but warning that sporting results favouring bookies have hit customer activity.
NMC Health lost ground despite reporting a jump in full-year net profit and revenue.
Risers
Rolls-Royce Holdings (RR.) 934.60p 12.74%
Smurfit Kappa Group (SKG) 3,188.00p 4.80%
Evraz (EVR) 452.20p 2.84%
Just Eat (JE.) 765.40p 2.77%
easyJet (EZJ) 1,584.50p 2.06%
National Grid (NG.) 773.30p 2.03%
Coca-Cola HBC AG (CDI) (CCH) 2,461.00p 1.95%
Ferguson (FERG) 5,250.00p 1.74%
International Consolidated Airlines Group SA (CDI) (IAG) 621.20p 1.67%
Centrica (CNA) 143.40p 1.59%
Fallers
Paddy Power Betfair (PPB) 7,880.00p -4.14%
NMC Health (NMC) 3,252.00p -3.16%
WPP (WPP) 1,225.50p -2.70%
Intertek Group (ITRK) 4,982.00p -2.16%
Glencore (GLEN) 361.65p -1.83%
Fresnillo (FRES) 1,208.50p -1.71%
BHP Billiton (BLT) 1,444.00p -1.63%
Anglo American (AAL) 1,732.60p -1.57%
Antofagasta (ANTO) 870.40p -1.56%
Micro Focus International (MCRO) 2,012.00p -1.18%