FTSE Gains Despite Commodities Rout

Despite oil companies proving a drag on the market, leading shares are managing to make a little headway.

Imperial Tobacco is among the main risers, up 79p to £27.46. The cigarette maker saw a decline in full year revenues and profits, hit by exchange rates and declining sales as people cut back or quit smoking. But it has tackled this with cost cuts, saving £60m during the year, and the figures were in line with expectations. Tobacco revenues fell 6% to £6.5bn and adjusted operating profit was down 5% to £3bn.

It also said it was lifting its full year dividend by 10%. During the year it raised £395m with the partial IPO of its Logista business in Europe, with the proceeds going to reduce debt. A deal with Lorillard and Reynolds to boost its US presence should be completed next spring, and it also sees big opportunities in emerging markets.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza