FTSE 100 Live: London blue-chips surge to new high, as Shell, Glencore and Reckitt rise

FTSE 100 Live: Blue-chips surge to new high, as Shell, Glencore and Reckitt rise

8.52am: Stan Chart impresses Standard Chartered is up 4.7% after it was among those that reported this morning, with a new $1 billion (£0.75bn) buyback and 66% dividend increase showing the board's confidence. Market analyst Richard Hunter at Interactive Investor says the Asia-focused bank's multi-year strategy is "reaping record rewards", with first-half income and pre-tax profit reaching new highs. Pre-tax profit rose 9% to $4.78 billion, beating the $4.52 billion forecast, while net profit of $3.37 billion also topped expectations. Hunter says its wealth arm is the "jewel in the crown" after income surged 38%, while global banking revenue rose 20%. A $446 million impairment charge was the only notable blemish, though much of it reflected prudent Middle East provisions rather than worsening credit. The new $1 billion buyback and 66% dividend increase showed confidence, but Hunter warned the shares no longer looked obviously cheap after their stellar run.

8.31am: Weir all going on a summer holiday On FTSE leader Weir, analyst Alex O'Hanlon at Panmure Liberum says results "were broadly in line with expectations", with total orders slightly ahead of the £1.38 billion consensus forecast and a book-to-bill ratio of 1.12 up from 1.09. "Minerals continued to win greater than 90% of field trials which is encouraging." On the other hand, Harry Philips at Peel Hunt feels the results read "better than many expected", though EBITA of £239 million was "bang on consensus". Organic order book growth accelerating from the first to the second quarter "is important for second-half revenue delivery" and "highlights market share gains, which is a direct response to the debate i...