London’s FTSE 100 was up 0.1% at 7,142.45 in afternoon trade on Tuesday.
Paddy Power owner Flutter Entertainment was sitting pretty at the top of the index after it said first-half earnings rose 75% as the gambling group benefited from the acquisition of Stars in the US. Adjusted earnings before interest, tax, depreciation and amortisation increased to £597m from £342m in the six months to the end of June from a year earlier as revenue doubled to £3.05bn from £1.54bn.
Entain was also on the rise.
On the downside, Abrdn fell even as it posted a strong rise in first-half profit as revenue rose and outflows of funds eased at the rebranded investment manager. Adjusted operating profit increased 52% to £160m in the six months to the end of June from a year earlier as fee-based revenue rose 7% to £755m. The group swung to a pre-tax profit of £113m from a loss of £498m and kept its interim dividend at 7.3p a share.
M&G was also in the red even as it posted a better-than-expected first-half adjusted operating profit.
InterContinental Hotels was weaker despite saying it swung to a profit in the first half as trading recovered from the pandemic hit.
FTSE 100 – Risers
Flutter Entertainment (CDI) (FLTR) 14,055.00p 8.62%
Entain (ENT) 1,976.00p 2.22%
Aveva Group (AVV) 4,042.00p 1.99%
Taylor Wimpey (TW.) 177.65p 1.98%
Evraz (EVR) 629.00p 1.65%
Persimmon (PSN) 2,908.00p 1.54%
Smurfit Kappa Group (CDI) (SKG) 4,103.00p 1.31%
Ocado Group (OCDO) 1,815.00p 1.28%
Hargreaves Lansdown (HL.) 1,473.00p 1.27%
Smith (DS) (SMDS) 430.40p 1.22%
FTSE 100 – Fallers
Abrdn (ABDN) 286.90p -3.63%
M&G (MNG) 230.90p -3.02%
InterContinental Hotels Group (IHG) 4,614.00p -2.56%
Next (NXT) 7,940.00p -1.64%
Fresnillo (FRES) 770.60p -1.61%
HSBC Holdings (HSBA) 404.65p -1.49%
International Consolidated Airlines Group SA (CDI) (IAG) 165.50p -1.32%
BHP Group (BHP) 2,267.00p -1.05%
Compass Group (CPG) 1,497.00p -1.02%
Lloyds Banking Group (LLOY) 46.18p -0.98%
