FTSE 100 bolstered by Severn Trent

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Traders in London.
AFP

London’s stock market edged higher, with shares in Severn Trent rising after the water company reported an increase in full-year profits.

Severn Trent shares rose 1.5% after it said underlying pre-tax profits rose 4.3% to £525m, helped by fewer leaks following an investment programme.

Severn was one of the biggest risers on the FTSE 100, with the index up 16.63 points at 7,512.97 in morning trade.

Babcock was the biggest riser in the FTSE 100 on positive broker sentiment.

Shares in the support services group climbed 2.9% after Deutsche Bank issued a note suggesting the company’s stock could rebound when it publishes results on Wednesday.

After a strong performance on Monday, Marks and Spencer fell back, dropping 1.6%. The High Street retail giant is due to report its full-year results on Wednesday.

On the currency markets, the pound slipped 0.19% against the dollar to $1.2975 and was down 0.16% against the euro to 1.1548 euros.

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