Bunzl posts better-than-expected results; FTSE 100 slips

Packaging firm Bunzl on Monday reported better-than-expected results for last year, making shares one of the biggest risers on the FTSE 100.

Bunzl said that its statutory pre-tax profit climbed 4 per cent to 216 million pounds. Firm’s underlying pre-tax profit stood at 257.8 million pounds as compared with analysts’ consensus forecast of 246 million pounds.

Shares in Bunzl gained around 4 per cent to close at 670p-a-share.

Drugs giant GlaxoSmithKline fell 2.55 per cent after the announcement that the US Senate raised new concerns about the safety of the firm’s diabetes drug, Avandia.

In the banking sector, shares in Royal Bank of Scotland, Barclays and Lloyds also surged. Shares in Lloyds got a boost from the announcement that Lloyds CEO Eric Daniels agreed to sacrifice his 2.3 million pounds bonus.

Miners were also among the risers. ENRC along with its peers Vedanta, Kazakhmys and Rio Tinto performed well on the FTSE 100.

Overall, FTSE 100 slipped nearly 6 points to close at 5,352.