The FTSE 100 (INDEXFTSE:UKX) has had a stronger start this morning as positive earnings for Coca-Cola HBC and Sky’s new Premier League deal added to the gains.
The blue chip share index gained 0.50%%, up 36 points at 7,206.71 by 11.02 GMT.
Shares in Coca-Cola HBC (LON:CCH) rose 3.3% as the drinks bottler reported increased profit and revenue plus a dividend hike of 23%. Pre-tax profit increased from €457.8mn to €564.9mn year on year with sales revenue up from €6.22bn to €6.52bn. Jefferies said in a note: “A robust outlook on pricing, benign input cost environment…and ongoing cost efficiencies should also help to drive further margin expansion.”
Sky (LON:SKY) shares gained 3.3% on the news that it had won the majority the rights for Premier League matches for less than its previous deal in 2015. Sky and BT bid a total of £4.4bn for the rights between 2019-2022 down from the £5.1bn paid for the 2015-2019 deal. Henry Croft of Accendo Markets said: “Evidently, Sky no longer feels the need to offer big money to beat its telecom incumbent rival, because said rival appears content retaining a much smaller number of games exclusively while customers have access to the full range of games available thanks to the cross-selling agreement.“ BT Group (LON:BT.A) shares rose 1.4%.
Irish pharmaceutical firm Shire (LON:SHP) shares rose 3.0% ahead of its annual results to be reported later today.
Travel operator TUI (LON:TUI) shares fell 3.1% to give back some of its gains from yesterday when it closed 1.2% up.
On the currency markets, sterling fell 0.22% against the dollar to $1.3853 and lost 0.17% against the euro to €1.1217.