Business

Ferguson shares lead FTSE 100 higher

Market trader (file picture) Image copyright Getty Images

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

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

Ferguson shares closed up 4%, with the FTSE 100 up 29.27 points at 7,468.11.

Shares in bottling firm Coca-Cola HBC fell 1.4% 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.

Advertising giant WPP also featured among the biggest fallers, with shares down by 2.1% percent after Morgan Stanley sold 22.5 million shares.

WPP's shares have lost nearly 25% so far this year.

Shares in Greggs were 1.4% 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 0.25% against the dollar to $1.3242 and fell 0.46% against the euro to €1.1264.