London's FTSE 100 has seen a decent opening as results from heavyweights BAT Industries and Unilever were well received.
The Footsie was up 10 points at 7,638 in early trades with the US‘s S&P 500 index moving to within touching distance of the landmark 5,000 mark also helping the mood.
Unilever cushioned the blow of lower profits with a new US$1.5bn share buyback lifting it to the top of the index’s risers. Fourth quarter revenues at the Hellman’s mayonnaise and Dove soap group fell 3% however as its run of inflation-busting price rises came to an end.
Shares in British American Tobacco also rose as profits from e-cigarettes, vapes and nicotine vapes increased. Sales in 2023 rose 1.6% supported by almost 16% growth in these new product areas.
Among the small caps, Touchstone Exploration jumped 14% on what it said was a "great start" to the year due to the successful drilling of the Cascadura-2 well in Trinidad.