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Strong Earnings, Aviva Pull FTSE 100 Higher

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FTSE 100 up 0.1, FTSE 250 adds 0.2

June 8 Reuters Londons FTSE 100 index edged higher on Tuesday, helped by positive earnings updates from Intermediate Capital Group and British American Tobacco, while Aviva gained after an activist investor built a stake.

The bluechip index rose 0.1. Intermediate Capital Group added 5.1, after the alternative asset manager posted a 19 jump in its annual thirdparty assets under management AUM as COVID19 vaccinations and government support measures boosted investor sentiment.

British American Tobacco rose 2, after it raised its annual revenue growth forecast to more than 5 at constant currency as the cigarette makers focus on newer products like ecigarettes and tobaccoheating devices pays off.

However, gains were limited on the FTSE 100 by a fall in heavyweight oil majors BP and Royal Dutch Shell on the back of lower crude prices.

The domestically focused midcap FTSE 250 index advanced 0.2.

Aviva gained 2.6 after activist investor Cevian Capital took a 4.95 stake in the British insurer and said the company should be able to return 5 billion pounds 7.08 billion of excess capital in 2022.

Reporting by Devik Jain in Bengaluru; Editing by Subhranshu Sahu

Source Reuters

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