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FTSE 100 movers: Convatec rallies; BT under the cosh
(Sharecast News) - London's FTSE 100 was up 0.3% at 7,746.41 in afternoon trade on Thursday.
JD Sports was the standout gainer, having fallen on Wednesday after results.
Medical products company Convatec rose as it lifted its full-year organic revenue guidance following a strong start to the year.
Housebuilders Barratt and Persimmon gained after FTSE 250 peer Vistry said it expects to report adjusted annual earnings of more than £450m as the market continues to improve in the wake of the disastrous 'mini budget' of former prime minister Liz Truss.
Burberry was under the cosh even as it posted a rise in full-year profit as revenues in the fourth quarter were boosted by a rebound in the China market.
Russ Mould, investment director at AJ Bell, said: "The fact Burberry hasn't lifted its guidance for the new financial year after reporting such a strong set of results, and reference to it being 'mindful' of the macroeconomic and geopolitical environment, appear to have been the trigger for some investors to take profits in the stock, with the share price falling more than 6% on the latest news.
"Investors want companies to consistently beat expectations and if they can't do that, they will look elsewhere in the current market."
BT Group slumped as it announced plans to axe up to 55,000 jobs by 2030 and become a "leaner" business.
The news came as it reported adjusted core earnings up 5% to £7.9bn. On a pre-tax basis, BT posted a 12% fall in profit to £1.7bn due to increased depreciation from network build and specific items, partially offset by adjusted EBITDA growth.
Unilever lost ground as it traded without entitlement to the dividend.
FTSE 100 - Risers
JD Sports Fashion (JD.) 173.35p 6.35% Convatec Group (CTEC) 225.20p 4.65% Standard Chartered (STAN) 640.60p 2.56% Ashtead Group (AHT) 4,917.00p 2.46% Barratt Developments (BDEV) 511.80p 2.36% Persimmon (PSN) 1,349.50p 2.27% Halma (HLMA) 2,499.00p 2.21% Abrdn (ABDN) 211.40p 2.17% DCC (CDI) (DCC) 4,957.00p 2.04% Informa (INF) 721.20p 2.04%
FTSE 100 - Fallers
Burberry Group (BRBY) 2,326.00p -7.70% BT Group (BT.A) 140.50p -5.13% Anglo American (AAL) 2,328.00p -1.77% Centrica (CNA) 117.65p -1.75% National Grid (NG.) 1,125.00p -1.36% Unite Group (UTG) 908.00p -1.14% Imperial Brands (IMB) 1,799.00p -1.13% Ocado Group (OCDO) 406.10p -1.02% Antofagasta (ANTO) 1,412.00p -1.02% Unilever (ULVR) 4,271.50p -1.01%
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