FASHION house Burberry was the top faller in the FTSE 100 Index yesterday as its stellar annual results were overshadowed by a bout of profit-taking.
The chain reported a 39 per cent increase in underlying pre-tax profits to £298m, in line with City expectations, but shares dropped 60p to 1260p after some investors cashed in on its recent run of form.
Despite Burberry, the FTSE 100 Index edged ahead, up 10.9 points to 5881 after being boosted by a strong performance from mining and energy stocks.
London’s blue chip index was also not derailed by a 0.3 per cent fall in the Dow Jones Industrial Average after the world’s biggest economy received disappointing news about unemployment and the pace of its recovery.
Mining and energy companies defied a slight dip in some commodity prices to post gains. Antofagasta was among the top risers, up 42p to 1258p, after a 29 per cent rise in first quarter revenues, while platinum producer Lonmin cheered 38p to 1534p.
Pumps and valves firm Weir was the top riser after it lifted 100p to 1984p after a positive broker note.
Man Group, the world’s largest listed hedge fund by market value, was another leading riser after annual pre-tax profits of $599m (£367m) came in higher than forecasts made by the company in March. Shares were up 5.9p at 245p.
Meanwhile, Lloyds Banking Group shares received a boost after a report said Virgin Money was planning to put in a bid for its 600 available branches.
Lloyds was up 0.6p at 51.3p, while elsewhere in the sector Barclays was down 0.5p at 271.3p and Royal Bank of Scotland dropped 0.4p to 40.9p.
In other corporate results, United Utilities rose 5p to 622p after it defied the winter weather to meet its leakage target for the last financial year.
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