FTSE 100 movers: AB Foods slumps; British Land rallies after boosting guidance

(Sharecast News) - London's FTSE 100 was down 1.1% at 10,495.68 in afternoon trade on Tuesday. Associated British Foods slumped as it reported a 19% drop in adjusted pre-tax profit for the six months to 28 February, held its full-year outlook and said it plans to demerge its Primark retail business from its food operations.

The Weston family's Wittington Investments, ABF's largest shareholder, said it would retain majority ownership of both entities.

Chris Beauchamp, chief market analyst at IG, said: "ABF's odd marriage of sugar to bargain clothing is finally set to end, marking the divorce of one of the oddest pairings in UK corporate history.

"Primark will finally be allowed to stand on its own two cut-price feet. Ironically it may be just too late for the retailer to blossom solo, given the increasing competition from Chinese firms and its limited room to cut margins.

"But at least the renewed surge in inflation will push some customers back towards Primark from more expensive retailers. Primark was always the big driver of interest in ABF, and its departure will make the remaining food business more of an afterthought for many."

British Land rallied as it said full-year earnings per share were expected to come in ahead of guidance at 28.9p and the company upgraded its FY27 underlying EPS guidance to at least 30.5p from 30.2p.

Utilities SSE and Centrica were also up after the government confirmed plans to move older wind and solar farms onto fixed-price contracts, or face higher windfall taxes.

Experian gained as it said that Adam Crozier would join the board as a non-executive director and chair designate on 12 May. Crozier, who currently serves as chair of BT and Kantar, will succeed Mike Rogers as chairman following the conclusion of Experian's annual general meeting on 22 July.

FTSE 100 - Risers

SSE (SSE) 2,619.00p 4.07% Standard Life (SDLF) 780.40p 2.47% Compass Group 11 (CPG) 29.19p 2.41% British Land Company (BLND) 405.20p 2.37% Relx plc (REL) 2,766.00p 2.22% Centrica (CNA) 208.80p 2.20% London Stock Exchange Group (LSEG) 9,590.00p 1.95% Experian (EXPN) 2,899.00p 1.84% ICG (ICG) 1,880.00p 1.84% The Sage Group (SGE) 911.60p 1.67%

FTSE 100 - Fallers

Rolls-Royce Holdings (RR.) 1,225.80p -2.65% Associated British Foods (ABF) 1,838.00p -2.52% BAE Systems (BA.) 2,194.00p -1.96% GSK (GSK) 2,112.00p -1.49% Smith & Nephew (SN.) 1,244.50p -1.43% Coca-Cola HBC AG (CDI) (CCH) 4,327.00p -1.32% British American Tobacco (BATS) 4,174.00p -1.16% AstraZeneca (AZN) 14,786.00p -1.11% M&G (MNG) 294.00p -1.08% Imperial Brands (IMB) 2,770.50p -1.00%