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FTSE 100 movers: HSBC gains; Prudential in the red
(Sharecast News) - London's FTSE 100 was up 0.3% at 8,172.34 in afternoon trade on Tuesday. HSBC was the top gainer on the index as it announced that chief executive Noel Quinn was unexpectedly stepping down after nearly five years in the job, and released first-quarter results.
Quinn, 62, will remain in post until a new CEO is appointed. The news came as the lender posted a 1.8% drop in first-quarter profit to $12.7bn (£10bn), slightly higher than expectations and unveiled a $3bn share buyback as revenues increased 3% to $20.8bn.
"After an intense five years, it is now the right time for me to get a better balance between my personal and business life," Quinn said.
Whitbread rallied ground as it announced a £150m share buyback and beefed up its dividend after seeing its bottom line jump by more than a third in the year to 29 February. It also unveiled plans to cut 1,500 jobs as it turns underperforming restaurants into more hotels.
Haleon gained as the healthcare company behind brands like Sensodyne and Panadol, said it expects to announce 435 job cuts over the next two years due to plans to shut its Maidenhead manufacturing plant.
The factory, Haleon's only manufacturing site in the UK, will be closed in a phased way over the two years, with some production transferring over to another plant in Slovakia.
"Following a strategic review of our global manufacturing capabilities, we have determined that our Maidenhead site is no longer a viable option for the manufacture of our products," the company said in a statement.
Prudential declined even as it reported an 11% rise in first-quarter net new business profit.
FTSE 100 - Risers
HSBC Holdings (HSBA) 699.90p 4.76% Whitbread (WTB) 3,175.00p 4.20% Intermediate Capital Group (ICG) 2,104.00p 3.54% Haleon (HLN) 337.60p 1.90% Beazley (BEZ) 669.00p 1.75% Tesco (TSCO) 296.50p 1.54% Compass Group (CPG) 2,245.00p 1.31% Flutter Entertainment (DI) (FLTR) 15,080.00p 1.14% Scottish Mortgage Inv Trust (SMT) 842.60p 1.13% Standard Chartered (STAN) 690.40p 0.97%
FTSE 100 - Fallers
Prudential (PRU) 705.40p -4.86% Fresnillo (FRES) 563.50p -4.57% Anglo American (AAL) 2,650.50p -3.62% Entain (ENT) 790.40p -3.40% Vodafone Group (VOD) 67.80p -3.14% Centrica (CNA) 128.45p -1.98% Airtel Africa (AAF) 109.90p -1.96% Taylor Wimpey (TW.) 132.70p -1.70% Antofagasta (ANTO) 2,244.00p -1.67% Rentokil Initial (RTO) 408.10p -1.47%
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