Coca-Cola HBC shares soared after the beverage bottler reported record profits for the third year in a row.
On a positive day for investors, the FTSE 100 firm said it capitalized on growing demand for soft drinks, coffee and energy cans.
The group, which bottles and sells brands such as Fanta, Costa Coffee and Monster Energy in 28 countries, reported a 16.6 per cent rise in profits to £924 million from 2023. Revenue rose 16.9 per cent. cent to £8.7 billion.
The shares gained 8 per cent, or 176 pence, to 2,382 pence, despite chief executive Zoran Bogdanovic warning that the “macroeconomic and geopolitical environment” is likely to remain difficult.
Coca-Cola expects to report a smaller increase in revenue and profits this year. In the broader market, the FTSE 100 rose 0.75 per cent, or 56.12 points, to 7,568.40 and the FTSE 250 rose 0.42 per cent, or 80.06 points, to 19,003.89.
Fizzing: Coca-Cola HBC, which bottles and sells brands such as Fanta, Costa Coffee and Monster Energy in 28 countries, reported a 16.6% rise in profits to £924 million from 2023.
Sentiment was boosted when figures showed UK inflation held steady at 4 percent in January, contradicting warnings it could rise and fueling hopes that interest rates could be cut this spring or early of the summer.
A day earlier, stocks plunged after U.S. inflation soared to a higher-than-expected 3.1 percent.
The prospect of interest rate cuts and cheaper mortgages boosted UK housebuilders: Khaki rose 3.1 per cent, or 42 pence, to 1,403.5 pence, while Taylor Wimpey added 1.7 per cent, or 2.4 pence, to 143.85 pence and Barratt Developments rose 1.6 per cent. , or 7.5 p, to 473.6 p.
There was also good news for Vistry after it signed a deal with Sigma Capital to build 5,000 homes over the next five years. Shares in the housebuilder rose 1.5 per cent, or 14.5p, to 964p.
Water suppliers were also in the spotlight, with Severn Trent on track to report no serious pollution incidents for the fifth year running, despite the final six months of 2023 being the third wettest on record in England. The shares fell 0.1 per cent, or 2p, to 2,497p.
Stock Watch – Futura Medical
Futura Medical’s gel to treat erectile dysfunction will be available on prescription in England and Wales from next month.
The flagship product Eroxon, which works within ten minutes, can now be purchased without the need for a doctor’s note following its launch in the UK last year. The disease affects one in five men worldwide, and a quarter of diagnoses occur in people under 40 years of age.
The shares gained 11.3 per cent, or 4.35 pence, to 42.85 pence, and are up two-thirds this year.
While United Utilities maintained its annual forecasts, harsh weather conditions in the northwest of England last year and numerous storms mean performance bonuses are likely to be £25m lower than expected. It sank 0.3 per cent, or 3.5p, to 1,023p.
Mining giant Anglo American came under pressure following the downgrade of its broker.
The shares fell 0.5 per cent, or 8.8 pence, to 1,747.2 pence after Citigroup said it expects full-year results this month to show a drop in profits and weak performance from its division. of diamonds.
The City backed Babcock, with Jefferies analysts upgrading their rating of the defense group – up 2.3 per cent, or 10.4p, to 465.6p.
Babcock peer BAE Systems is closing in on a £4.4bn acquisition of a Colorado spacecraft company.
Britain’s largest defense company (up 1.4 per cent, or 17.5 pence, to 1,230 pence) has received regulatory approvals to buy Ball Aerospace and expects to complete the deal in the coming days.
The newly acquired business will be called Space & Mission Systems, BAE added.
BP agreed to form a joint venture in Egypt with the United Arab Emirates’ state oil firm this year.
The British energy giant will transfer its interests in three gas fields and exploration rights in the country to the group, while the Abu Dhabi National Oil Company will provide funds. BP fell 0.7 per cent, or 3.25p, to 476.5p.
Elsewhere, Atome rose 8.6 per cent, or 4.5p, to 57p after the clean energy company closed a major deal in Costa Rica.
NAC, the AIM-listed group’s Central American company, has signed an agreement with Costa Rican state power company ICE in relation to a green fertilizer project in the country.