FTSE 100 surges over 8,000 points before rising US producer prices dampen mood; British Gas owner Centrica’s profits triple – as it happened

UK share index has hit record levels this morning, before surprise jump in US producer price inflation hits stocks

• Full story: British Gas owner Centrica reports record profits of 3.3bn
• FTSE 100 hits 8,000 points for first time as recession fears ease

Windfall tax calls will grow louder following Centrica tripling its profits to 3.3bn last year, even though the company paid nearly 1bn, predicts Tom Gilbey, equity research analyst at investment management firm Quilter Cheviot:

Gilbey say:

Centrica produced some strong results this morning as its trading division took advantage of energy trends that came to dominate in 2022.

Its adjusted profit grew over 250% to over 3bn , and it more than doubled its free cash flow, putting this to use by paying a dividend - which they only reinstated a year ago - and getting approval to buy back a potential 10% of their shares. It is this that may draw controversy given it is also benefiting from elevated energy prices and it has come under fire in recent weeks for its consumer practices.