BT, Travis Perkins boost FTSE

The FTSE 100 Index up 42.6 points to 4590.1 in mid-morning trading

The London market continued its march upwards after a raft of earnings received a warm welcome.

BT Group and Wickes owner Travis Perkins took centre stage with gains of 12% and 8% respectively amid signs they may be over the worst of their recent trading woes.

Strong results from the likes of BSkyB and Rolls-Royce added to the positive sentiment, with the FTSE 100 Index up 42.6 points to 4590.1 in mid-morning trading.

The Footsie's recovery appeared back on track after a blip on Tuesday that saw it narrowly miss out on a record-breaking 12-day rally.

BT topped the Footsie risers board, ahead 13.25p to 125.95p, after it said there had been a quarter-on-quarter improvement in trading at its troubled IT services division.

It was followed not far behind by engineering giant Rolls-Royce, which climbed 24.5p to 399.75p, as it reiterated its profits guidance for the financial year.

BSkyB was another top gainer, up 17p to 536p thanks to news of a 4% rise in underlying annual earnings and continued improvement in net customer additions, up 35% year-on-year to 124,000 in the fourth quarter.

Among the fallers in the top flight, Reed Elsevier slid 14% after the Lexis Nexis firm announced plans for a share issue in order to pay down debt. Shares tumbled 69.5p to 410.75p.

British Gas firm Centrica was another faller, down 6.5p to 224.5p, after half-year profits declined 5% to £936 million.

In the FTSE 250 Index, Travis Perkins jumped 61.5p to 761.5p as it posted a 27% drop in half-year profits but reported signs that some of its markets were beginning to stabilise.