BT Share News (BT.A)

LONDON (Alliance News) - Stocks in London opened higher on Friday with the FTSE 100 buoyed by strong gains by Reckitt Benckiser, BHP Billiton, Pearson and BT Group. The FTSE 100 index was up 0.3%, or 24.13 points, at 7,687.30. The mid-cap FTSE 250 index was up 0.2% at 20,819.19. The AIM All-Share index was up 0.2% at 1,101.79.The Cboe UK 100 was up at 13,037.76, the Cboe UK 250 was up 0.1% at 18,904.99, and the Cboe UK Small Companies was flat at 12,411.19."The FTSE, which completely missed out on Thursday's rally thanks to a miserable set of commodity stocks and a few errant earnings updates, rose 0.3%, pushing the index back towards 7,700. The fact its miners are in a better mood is a huge help, as is the positive reaction to statements from BT, Pearson and Reckitt Benckiser," said Spreadex analyst Connor Campbell.On the London Stock Exchange, Reckitt Benckiser was the best blue chip performer at the open up 7.8% after the household goods firm raised its annual revenue target and reported a surge in top line growth driven by baby formula maker Mead Johnson acquisition. For the half year ending June 30, revenue rose 23% to GBP6.14 billion from GBP5.02 billion last year. Pretax profit came in at GBP1.11 billion, up 8.8% from GBP1.02 billion the year before. Reckitt also reported like-for-like sales growth of 4% for the second quarter.Reckitt raised its full-year net revenue growth target to a range between 14% and 15% from 13% and 14%, both including the addition of Mead Johnson and driven by growth in the Infant Formula Child Nutrition segment of which Mead Johnson is a part, which exceeded expectations. The company now expects annual like-for-like revenue growth at the upper end of 2% to 3% range. "MJN integration is well on track, with IFCN performance exceeding expectations and synergies being delivered. [Restructuring strategy] RB 2.0 is driving greater focus and energy as we operate under our new business units - Health and Hygiene Home. I am confident that as we fully realise the benefits of RB 2.0, we will deliver outperformance in both business units," said Chief Executive Rakesh Kapoor. Pearson was up 3.9% after the education company said it still expects underlying growth in the year despite its first-half revenue dropping.In the six months ended June, Pearson posted a 9% drop in revenue to GBP1.87 billion from GBP2.05 billion the year before.Currency movements decreased revenue by GBP128 million. In underlying terms, however, Pearson said revenue grew 2%.This growth was driven by improved performances in its US Higher Education Courseware, Online Program Management, Connections Academy, Professional Certification and Pearson Test of English Academic divisions.BT Group was up 3.8% after the telecommunications company reiterated its annual earnings expectations, as it reported a sharp rise in first quarter pretax profit.For the three months to June-end, BT reported pretax profit of GBP704 million, up from GBP418 million in the year ago period, on a revenue of GBP5.72 billion and GBP5.84 billion, respectively. The profit and revenue figures for each year were based on different accounting rules. Adjusted pretax profit rose 3% to GBP816 million.The company also said that its mobile phone operating unit, EE, will launch UK's first live 5G trial network in east London in October and the transformation of the group's operating model remains on track.BHP Billiton was up 2.9% after the Anglo-Australian miner entered into agreements to sell its entire interest in its onshore US assets for USD10.80 billion - with BP buying a large chunk of those interests - eyeing a distribution to shareholders with the proceeds. The assets comprise BHP's Eagle Ford, Haynesville, Permian and Fayetteville oil and gas interests. BP American Production Co - a wholly owned subsidiary of BP - has agreed to acquire Petrohawk Energy Corporation, the BHP subsidiary which holds the Eagle Ford, Haynesville and Permian assets. BP will pay USD10.5 billion for this in cash, one half due at completion with the deferred consideration payable in six equal installments over a six-month period, commencing one month after completion.Conversely, BP was down 1.6%. At the other end of the large cap index, Rightmove was the worst performer at the open, down 2.8% after the property portal said interim revenue increased 9.7% against a tough UK property market backdrop, but cited Brexit related risks. For the six months to June 30, the company behind the rightmove.co.uk property portal, posted revenue up to GBP131.1 million from GBP119.5 million reported in the same period a year ago. Pretax profit for the period rose to GBP98.1 million compared to GBP87.5 million posted a year ago.Addressing Brexit, the company said the decision to leave the EU increased the macroeconomic uncertainty in the housing market, leading to fewer transactions.The pound was slightly lower against the dollar quoted at USD1.3103 compared to USD1.3114 late Thursday.In political news, the European Union's chief Brexit negotiator has blown a hole in Theresa May's Chequers plan by flatly rejecting a key element of her proposals for future relations following UK withdrawal.Central to the UK prime minister's plan, set out in a white paper a fortnight ago, is a "facilitated customs arrangement" under which tariffs charged at the border would be passed on to either the British or EU authorities depending on the destination of imported goods.Appearing alongside new Brexit Secretary Dominic Raab following their second round of talks in Brussels, Michel Barnier left no doubt that this was not acceptable to the EU.In mainland Europe, the CAC 40 in Paris was down 0.1% while the DAX 30 in Frankfurt was up 0.1%.The euro was flat against the dollar quoted at USD1.1652 from USD1.1651 at the European equities close Thursday.The economic events calendar has Italy producer prices at 0900 BST and US GDP readings at 1330 BST.Ahead in the US earnings calendar, social media company Twitter is reporting its quarterly figures before the US market open on Friday.The Japanese Nikkei 225 index closed up 0.5%. In China, the Shanghai Composite is down 0.3%, while the Hang Seng index in Hong Kong is down 0.1%.