Strong earnings drive FTSE 100 higher; midcaps underperform

London's FTSE 100 climbed on Thursday, boosted by a series of positive earnings updates from companies, including Smith+Nephew and Unilever, while a fall in shares of WH Smith capped gains on the midcap index.

London's FTSE 100 climbed on Thursday, boosted by a series of positive earnings updates from companies, including Smith+Nephew and Unilever, while a fall in shares of WH Smith capped gains on the midcap index. The blue-chip index rose 0.7% with medical products maker Smith+Nephew jumping 4.6% to the top of the index after it reinstated its 2021 outlook following revenue growth in first quarter.

The index was also supported by Unilever, which rose 3.5% after it beat quarterly sales forecasts, helped by a pick up in home cooking during coronavirus lockdowns and a strong economic recovery in China. The domestically focused midcap FTSE 250 index advanced 0.2%.

WH Smith slipped 4.6% after it warned of the possible risk of breaching its covenant tests in 2022 and launched a potential 325 million-pound ($450 million) bonds offering as the retailer navigates the COVID-19 pandemic.