BRUSSELS (dpa-AFX) - The UK stock market's benchmark index FTSE 100 advanced for a third straight session with investors digesting a slew of earnings announcements on Thursday. Optimism about U.S.-Iran talks and possible reopening of the Strait of Hormuz sometime soon contributed to the positive sentiment in the market.
The FTSE 100, which climbed to 10,944.75, was up 11.56 points or 0.1% at 10,899.86 a few minutes past noon.
WPP shares skyrocketed 25% after the world's largest advertising group posted better-than-expected first-half profits and margins. First half profit before tax increased to 106 million pounds from 98 million pounds, last year. Reported EPS was 1.7 pence compared to 4.0 pence, a decrease of 57.5%.
Homebuilder Persimmon advanced 3.5%. The company said it expects annual home deliveries to be at the top of its prior forecast range.
Outsourcing firm Serco soared nearly 7% after reporting higher first-half underlying profit and increasing the size of its share buyback program.
Diageo jumped 7.5% after the company announced a plan to save $1 billion over three years after operating profit fell 27.2% in the first half.
Admiral Group gained nearly 6%. Vodafone Group, BAE Systems, Weir Group, Spirax Group, Prudential, Natwest Group, IMI, HSBC Holdings, Babcock International, Haleon, Hiscox, Centrica, Airtel Africa, Antofagasta and Aviva gained 1%-2.5%.
West-Asia focused oil & gas explorer Tullow Oil plunged sharply this morning on concerns over the unchanged debt level. The stock recovered subsequently and was down by just about 1% a little while ago.
Wizz Air dropped 4.3% as the budget airline reported a bigger-than-expected quarterly net loss.
Tritax Big Box REIT drifted down 3.4%. Relx shed 2.7%. Polar Capital Technology Trust, St. James's Place, Segro, Glencore, Tesco, Smith & Nephew, Schroders, 3i Group, Scottish Mortgage, Entain and Melrose Industries lost 1%-2%.
In economic news, the S&P Global UK Construction PMI rose to 44.7 in July from 38.4 in the previous month, extending the rebound from the six-year low of 38.2 in May to reflect some consolidation in the sector.
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