FTSE 100 closes February at record high, boosted by earnings

The UK's benchmark FTSE 100 index closed at its highest level ever on Friday. This was boosted by corporate earnings, including those of British Airways parent IAG. Morgan Advanced Materials, which had a bleak forecast, suffered a decline.

The exporter-heavy FTSE 100 gained 0.6%. A weaker pound also helped. It ended February 1.5% higher than it did in January, after a 6% increase.

IMI, a British engineering company, rose by 6.2% to become the largest gainer in the index after increasing its dividend by 10% and announcing an additional share buyback program.

IAG shares rose to their highest level in five years after the annual operating profit surpassed estimates by 27%. The company also announced a share repurchase.

Weir Group's adjusted annual profit rose by almost 10%, a 6.3% increase. The engineering company is planning to purchase Micromine, which provides software to the mining sector, for 657 millions pounds.

The FTSE midcap index dropped 0.4%, with shares of semiconductor part supplier Morgan Advanced Materials falling 16.2% following the company's forecast for a decline in organic revenue.

A gauge of homebuilders gained 2.1% after data showed British house prices rose by a stronger-than-expected 0.4% in February from the previous month.

Rightmove, the largest property portal in Britain, gained 4.3% following a forecast of higher revenue growth by 2025.

This week, other European stock markets were under pressure after U.S. president Donald Trump announced 25% tariffs on imports from Canada and Mexico and an additional 10% for Chinese goods.

Wall Street's major indexes gained in choppy trade on Friday after several sessions of declines. (Reporting by Sanchayaita Roy, Ragini Mathur and Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid, Kirsten Donovan)

(source: Reuters)