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Medical products group ConvaTec was the biggest gainer as the FTSE 100 edged up to a new record high on Thursday morning, rising more than 5 per cent after it reported better than expected profits.

Shares in the ConvaTec were up 5.2 per cent at publication time, to 265p. The Berkshire-based reported a 7 per cent increase in adjusted ebitda in its first set of results since it the stock exchange in the biggest UK IPO of 2016.

The rise helped the FTSE 100 to a 0.12 per cent increase, building on yesterday’s record close to hit a high of 7394.6.

The mid-cap FTSE 250 index also set a new intraday record at the start of trading, passing 19,000 for the first time ever. However, by publication time it had fallen to a 0.12 per cent decline for the day.

Travis Perkins was the biggest faller on the index, and the Europe-wide Stoxx 600, falling 6.5 per cent after the builders’ merchant predicted a “mixed” outlook for the year ahead.

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