London midday: Stocks push up ahead of Budget; Kingfisher and Reckitt lead pack
London stocks had extended gains by midday on Wednesday as investors sifted through corporate releases ahead of the Autumn Budget.
The FTSE 100 was up 0.4% to 7,441.26, while the pound was down 0.1% against the euro at 1.1271 and 0.1% higher versus the dollar at 1.3247.
Spreadex analyst Connor Campbell said: "In terms of potential market-movers post-Budget, the housing sector is arguably the one to watch given the amount of chatter there has been about Britain’s need to build new homes in the last few weeks.
"What Hammond produces is also going to be interesting from a political perspective, as there have been plenty of reports to suggest this is make or break time for the Chancellor. If his Budget does flop it could provoke another round of Tory-infighting, something that would most certainly not be welcomed by the pound."
The Chancellor's autumn statement is due at 1230 GMT, while the minutes from the latest Federal Reserve meeting are at 1900 GMT.
Broker notes lent a helping hand in London, with Kingfisher and Reckitt Benckiser racking up healthy gains after upgrades from Jefferies and JPMorgan, respectively, while EasyJet flew higher after Investec bumped the stock up to 'buy'.
Informa and Qinetiq were also in the black after upgrades from Kepler Cheuvreux and Berenberg.
Meanwhile, Sage reversed earlier losses to trade higher after saying it kept revenue growth and margins above its annual target and announcing that the launch of its Business Cloud software suite would enable it to "accelerate momentum" in 2018.
GlaxoSmithKline ticked up after saying that its ViiV Healthcare joint venture has been given approval for its Juluca treatment by the US Food and Drug Administration -- the first complete HIV treatment in the US to include only two drugs.
Housebuilder and regeneration partner Countryside Properties rallied after it posted a rise in annual operating profit as revenue and completions grew amid strong demand.
Upper Crust owner SSP surged after it reported a rise in full-year profit and announced a special dividend of around £100m.
On the downside, Thomas Cook tanked after the travel company released its full-year results, which showed margins declined due to a more competitive market in holidays to Spain. FTSE 100 peer TUI was also in the red.
Water and waste management company United Utilities fell after saying profit rose 10% in the first half as it increased revenue and cut costs, though management again raised concerns about looming new regulatory controls.
Business information and events group Euromoney dropped after posting a rise in annual profit and announcing the sale of its stake in Dealogic.
Motorway barrier maker Hill & Smith was in reverse gear despite reporting trading in the period from 1 July to the end of October was in line with its expectations, but that some road schemes had been pushed back into next year.
Nostrum Oil & Gas slumped after Panmure Gordon cut the stock to 'hold'.
Market Movers
FTSE 100 (UKX) 7,441.26 0.40%
FTSE 250 (MCX) 19,998.19 0.27%
techMARK (TASX) 3,481.36 0.35%
FTSE 100 - Risers
Kingfisher (KGF) 319.80p 3.66%
Standard Chartered (STAN) 748.70p 3.55%
Fresnillo (FRES) 1,325.00p 2.47%
Reckitt Benckiser Group (RB.) 6,554.00p 2.39%
Tesco (TSCO) 193.35p 2.30%
ITV (ITV) 150.20p 2.25%
Old Mutual (OML) 195.00p 2.09%
easyJet (EZJ) 1,367.50p 1.82%
BT Group (BT.A) 249.90p 1.79%
Sage Group (SGE) 788.50p 1.74%
FTSE 100 - Fallers
Paddy Power Betfair (PPB) 8,580.00p -1.83%
Associated British Foods (ABF) 3,057.00p -1.29%
Standard Life Aberdeen (SLA) 424.21p -1.25%
Prudential (PRU) 1,894.50p -1.07%
DCC (DCC) 7,085.00p -0.98%
TUI AG Reg Shs (DI) (TUI) 1,322.00p -0.97%
United Utilities Group (UU.) 772.00p -0.83%
British American Tobacco (BATS) 5,051.00p -0.79%
Compass Group (CPG) 1,527.00p -0.72%
Aviva (AV.) 501.00p -0.69%
FTSE 250 - Risers
QinetiQ Group (QQ.) 220.10p 9.23%
SSP Group (SSPG) 657.40p 8.30%
Acacia Mining (ACA) 193.00p 6.04%
Big Yellow Group (BYG) 812.50p 4.37%
Tullow Oil (TLW) 172.30p 3.92%
CYBG (CYBG) 320.00p 3.49%
TalkTalk Telecom Group (TALK) 157.40p 2.81%
Telecom Plus (TEP) 1,246.00p 2.72%
Royal Mail (RMG) 409.70p 2.60%
Inmarsat (ISAT) 485.50p 2.56%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 111.20p -8.63%
BTG (BTG) 730.50p -5.25%
SIG (SHI) 161.60p -4.44%
Nostrum Oil & Gas (NOG) 345.00p -4.19%
Dignity (DTY) 1,790.00p -2.66%
Hastings Group Holdings (HSTG) 302.80p -1.91%
Aggreko (AGK) 848.00p -1.62%
Pershing Square Holdings Ltd NPV (PSH) 1,017.25p -1.62%
Hikma Pharmaceuticals (HIK) 1,035.00p -1.62%
Hill & Smith Holdings (HILS) 1,299.38p -1.56%