FTSE 100 Live: Rightmove Jumps Over 5% as Miners Advance; Melrose Slides Nearly 6%

The FTSE 100 opened higher and gained 20.11 points to 10,866.81 as strong corporate earnings and sector-specific momentum influenced market sentiment. Property portal Rightmove led the gains while select industrial and pharma stocks weighed on the index.

Rightmove Surges on Profit Growth and Buyback Plan

Rightmove shares climbed 5.34% to £451.70 after the company posted strong annual results. Underlying profit climbed 9% to £297.7 million. The final dividend also increased 8% to £6.59 per share. 

The group also announced a £90 million share buyback and a £50 million dividend distribution. It reinforced investor confidence despite concerns over its position in the next FTSE reshuffle.

The company’s defence of its AI investment strategy including partnerships with Google Cloud and ChatGPT appeared to reassure markets following previous volatility linked to technology spending.

Miners Provide Additional Support

Mining stocks gained amid an increase in bullion prices. Fresnillo advanced 4.63% to £4,294, Antofagasta rose 3.73% to £4,419 and Anglo American added 2.36% to £3,780. 

Endeavour Mining also increased 1.93% to £5,270, reflecting improved sentiment in precious metals and commodities.

Also, Airtel Africa posted gains of 2.99% to £351.20.

Melrose Leads the Decliners

On the downside Melrose Industries dropped 5.84% to £602.60 after reporting updates tied to its GKN Aerospace division. 

Whitbread slipped 0.95% to £2,595 while Hikma Pharmaceuticals fell 1.75% to £1,349. 

Reckitt Benckiser edged down 0.31% and British American Tobacco lost 0.43%. It reflected selective profit-taking.

Corporate Highlights: IAG and Rathbones Impress

British Airways owner IAG reported a 26% rise in profit before tax to £4.4 billion. Revenues lifted 3.5% to £29.1 billion with the operating margin up 1.3 percentage points to 15.1%. 

The airline group also announced dividends alongside a $1.5 billion buyback plan. Shares were mostly steady after the announcement.

Rathbones also delivered strong numbers with profit before tax jumped 53.5% to £152.9 million. This is up from £99.6 million last year and funds under management rose to £115.6 billion which is up from £109.2 billion 

The group confirmed it will extend its £50 million share buyback which it completed in mid-February by a further £20 million. But it is subject to regulatory approval.

Also Read: Stock Market Today: Sensex Falls 520 Points, Nifty at 25,308; Infosys Shares Jump 2.41%

Broader Market Context

In the US the Nasdaq Composite declined 1.2% and Nvidia shares 5% lower. S&P 500 index lost 0.5% and Dow Jones Industrial Average finished slightly higher. 

Commodity prices were steady with gold near $5,194 an ounce and Brent crude around $70.87 a barrel.