Upbeat earnings keep FTSE 100 near record highs, Entain tumbles

A slate of upbeat earnings from blue-chip companies kept UK's FTSE 100 pinned near record levels on Thursday, although shares of Entain tumbled after a report suggested U.S. casino operator MGM was ending talks to takeover the betting firm. The blue-chip FTSE 100 rose 0.5% by 0820 GMT, hovering near record levels hit in the previous session, while the midcap FTSE 250 index inched up 0.2%. The company controlled almost a quarter of the Russian market before the country invaded Ukraine.

A slate of upbeat earnings from blue-chip companies kept UK's FTSE 100 pinned near record levels on Thursday, although shares of Entain tumbled after a report suggested U.S. casino operator MGM was ending talks to takeover the betting firm.

The blue-chip FTSE 100 rose 0.5% by 0820 GMT, hovering near record levels hit in the previous session, while the midcap FTSE 250 index inched up 0.2%. Unilever rose 0.5% after the consumer goods giant reported quarterly underlying sales growth above expectations, helped by higher prices for its detergents, soaps and packaged food.

AstraZeneca jumped 1.7% after the drugmaker beat expectations with fourth-quarter profits despite lower than expected sales of its best-selling oncology and rare blood disorder drugs. Entain tumbled 11.4%, after a Jefferies report pointed to MGM's chief executive officer saying the company had "moved on" from the gambling firm amid speculation of a takeover.

British American Tobacco fell 3.9% after it reported full-year results and said it expects to complete the sale of its Russian business to its local partner in 2023. The company controlled almost a quarter of the Russian market before the country invaded Ukraine.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)