LONDON (ShareCast) - (Sharecast News) - Coca-Cola HBC shot to the top of the FTSE 100 on Tuesday after announcing the launch of a share buyback programme that will see it return up to €400m to shareholders.

The buyback is expected to run for around two years.

The company said it believes the current share price undervalues its future growth opportunities.

Chief executive Zoran Bogdanovic said: "We are delivering another year of strong performance in 2023, and remain confident in our ability to deliver our medium-term financial targets and to sustain the investment necessary to build a stronger platform for future growth.

"With our cash-generative business and a strong balance sheet today, we believe that the current market weakness presents a compelling opportunity for us to deploy excess capital through a buyback programme and deliver enhanced shareholder value."

At 1120 GMT, the shares were up 4.8% at 2,189.0p.

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