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FTSE 100 flat but Ferguson boosted by results

FTSE 100 flat but Ferguson boosted by results

Shares in plumbing supplies group Ferguson topped the FTSE 100 at midday after it reported rising profits and announced a £500m share buyback.

The firm – formerly known as Wolseley – reported an 8.6% rise in annual revenues at its ongoing businesses, with trading profit up 8.7% to £1.03bn.

Ferguson shares rose 4.75%, with the FTSE 100 up 4.17 points at 7,443.01.

Shares in bottling firm Coca-Cola HBC fell 2.4% after the company announced the death of its chief executive.

The company – one of the world’s largest bottlers of Coca Cola – said Dimitris Lois had died on Monday.

Mr Lois had been on medical leave of absence since mid-September. The company said Michalis Imellos would continue in the role of acting chief executive.

Shares in Greggs were 1.1% higher after the High Street baker reported rising sales.

In the three months to 30 September, total sales grew 8.6% with like-for-like sales up 5%. However, Greggs added that rising food ingredient costs were a “headwind”.

On the currency markets, the pound dipped 0.1% against the dollar to $1.3257 and fell 0.3% against the euro to €1.1278.

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