The FTSE 100 had the wind in its sails as the index closed up 1.5% on the back of strong performance from the oil majors and financials sector, leaving the headline index up 7.5% for the year. However the more domestically focused FTSE Mid-250 was off -3% in February and down 1.4% for the year. It is now one of the most shorted indexes globally, as short-sellers target the domestically focused companies that make up its constituents. 

The standout news from UK PLC came from Rolls-Royce who’s share price jumped 16% on results day after the engine builder released strong results and upgraded guidance amid a tough global backdrop. The Trent engines manufacturer announced a resumption of its dividend and renewed buyback. Shares are now up over 6x (600%) in the past 24 months. In Oil & Gas, BP reported scaled back profits on the back of their bumper 2022 and 2023 (which were mainly driven by the war in Ukraine).  CEO, Murray Auchincloss, announced that the company will ‘fundamentally reset’ it’s strategy and scale back renewable projects and increase production in oil & gas. With Donald Trump attempting to withdraw from the Paris Agreement again, and activist Elliot Advisers firmly having the company in its crosshairs, it is of no surprise to see this move being made. In the consumer staples sector, Unilever announced the shock departure of it's CEO, Hein Schumacher, with immediate effect. The outgoing German will be replaced by Unilever ‘lifer’ and CFO, Fernando Fernandez. From the outside, it looks like Schumacher had been brought in to do the dirty work (mass redundancies, selling off the ice cream divisions) but in his short tenure he has successfully turned the business around. The company announced mixed results on the back of shaky consumer confidence, but the new CEO takes on a more streamlined business and will potentially be looking at acquiring some newer brands with UK success story, Wild Cosmetics, reportedly in the frame according to Sky News.
 

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