WH Smith shares rocket on profits news

<p>Profits are up at WH Smith.</p>

WH Smith's share price has shot up today (October 10th) after the firm's latest trading update.

Stocks in the company rose by around eight per cent after it announced its full-year profits were up by six per cent to £108 million.

WH Smith's profits beat expectations laid out by analysts ahead of the statement's release and the firm also revealed a new £50 million share buyback scheme.

The rise in the share price of WH Smith also boosted the FTSE 100, which was up 42.83 points to 6,380.74 this morning, reports BBC News.

Hopes the US government shutdown could soon come to an end was cited as one of the reasons for the improved conditions on the index.

US president Barack Obama is still trying to agree a new budget deal with Congress ahead of a deadline relating to the debt ceiling later in the month.

Energy company Centrica – which owns British Gas – saw its stocks rise 1.5 per cent, while rival SSE was up 1.6 per cent after announcing its tariffs are to be increased.

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