Flurry of strong earnings boosts FTSE
By Alistair Smout
LONDON (Reuters) - Britain's top share index rose on Thursday as investors favoured telecom firm BT , insurer RSA and grocer WM Morrison after strong results.
BT rose 3.2 percent, the top individual gainer, after results that beat expectations, with the stock on course to post its best session in two months.
The telecom firm said it would spend 6 billion pounds on rolling out superfast fibre and 4G mobile in the next three years following criticism from regulators who have demanded an improved service.
"It's hoped this will help placate concerns aired by Ofcom," Tony Cross, market analyst at Trustnet Direct, said in a note.
RSA rose 2.3 percent. Its operating profits for the quarter were strong and ahead of expectations, though net written premiums dipped.
Morrisons rose 2 percent after it reported a further improvement in quarterly sales. The supermarket had dropped 1.7 percent on Wednesday after poorly received figures from rival Sainsbury and weak Kantar data.
"The group's 'back-to-basics' approach (is) finding favour with shoppers. The price war, though, goes on and the threat from discounters remains," said Russ Mould, investment director at AJ Bell.
The FTSE 100 was up 17.51 points, or 0.3 percent, at 6,129.53 by 0801 GMT, set to snap a three-session losing run that had brought it to a three-week low.
Centrica dropped 7.8 percent after Britain's largest energy supplier said it intended to raise funds through a placing for acquisitions and to cut debt.
Rolls Royce fell 5.7 percent after the engineer said results would be weighted towards the second half of the year, while reiterating its full-year outlook.
Satellite firm Inmarsat fell 4.8 percent after it cut its outlook after a weak first quarter.
($1 = 0.6903 pounds)
(Reporting by Alistair Smout; editing by John Stonestreet)
