London’s FTSE 100 opens in negative territory on Thursday, investors continuing to digest the implications of Chancellor Philip Hammond’s Budget and looking ahead to the European Central Bank's monetary policy meeting.

On a busy day for corporate news, insurance giant Aviva (AV.) advances 29p or 5.7% to 540p on annual results showing the delivery of improved operating profit, cash and a 12% hike in the total dividend to 23.3p.

CEO Mark Wilson promises more to come, Aviva ‘actively planning a capital return to shareholders’ as well as debt reduction in 2017.

Electronic components supplier TT Electronics (TTG) surges 8.7% higher to 177.5p on better-than-expected full year results, an excellent free cash flow performance among the highlights. TT issues a positive outlook statement too, having started 2017 with a robust order book.

Bradford-headquartered grocer Morrisons (MRW) is marked down 4% to 237p as investors take profits following a strong run. A very good set of full year results reveal pre-tax profits of £337m, representing the first year of growth since 2011/12.

Morrisons’ like-for-like sales were positive in all four quarters and the retailer confidently raises the dividend by 8.6% to 5.43p. CEO David Potts insists ‘our turnaround has just started’, although investors may be unnerved by the outlook statement, where he flags uncertainties in the form of higher imported food prices due to weak sterling and says depreciation and pension costs are expected to increase.

Investors lose their appetite for Domino’s Pizza (DOM), which slumps 11.6% to 348.2p as full year results reveal a slowing in UK like-for-like system sales for 2016 and a more muted UK like-for-like sales performance for the first nine weeks of 2017.

Property services group Countrywide (CWD) cheapens 5.9% to 176.25p as it reports a slump in pre-tax profits and unveils plans to place up to 21,610,467 new ordinary shares to give it additional financial flexibility.

Croydon-headquartered Zotefoams (ZTF) froths up 7.25p to 305.25p after inking a partnership with Coveris, an international manufacturer that will use its MuCell microcellular foam technology to produce polystyrene-free packaging.

Homewares maker Portmeirion (PMP:AIM) puts on 10p at 975p as annual pre-tax profit comes in 9.7% lower at £7.8m, a touch ahead of downgraded estimates. This follows a tough 2016 in India and South Korea although pleasingly, Portmeirion reports a positive start to 2017.

Mobile financial services minnow Vipera (VIP:AIM) rockets 15% higher to 4.88p on news it is working with financial services group Al Masraf on a mobile banking and bill payment solution.

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Issue Date: 09 Mar 2017