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FTSE 100 movers: Defence firms rally, BT slumps on FT report
(Sharecast News) - London's FTSE 100 was down 0.9% at 10,414.91 in afternoon trade on Thursday. Shares of BT Group slumped following a report the UK government would oppose any attempt from Indian billionaire Sunil Bharti Mittal to increase his stake in the telecoms group.
Speaking to the Financial Times, people familiar with the matter cited the need to maintain sovereign control over "critical national infrastructure".
The stance will limit the Indian billionaire's influence over BT, whose broadband infrastructure arm Openreach provides fibre broadband to more than 22mn homes in Britain. Mittal's Bharti Enterprises conglomerate bought a 24.5% stake in BT in 2024 from French billionaire Patrick Drahi, and has now moved to 24.95%.
It would require government approval to move above the 25% threshold.
According to the FT, British officials have made clear they would look to block such a move.
Kingfisher, Severn Trent, National Grid and AB Foods all fell as they traded without entitlement to the dividend.
On the upside, defence firms BAE Systems and Babcock were among the top performers on the index, while BP and Shell gushed higher in tandem with oil prices after fresh military strikes between the US and Iran.
FTSE 100 - Risers
Compass Group 11 (CPG) 31.51p 1.97% BAE Systems (BA.) 1,992.00p 1.42% Babcock International Group (BAB) 1,076.50p 1.32% ICG (ICG) 1,913.00p 1.05% Shell (SHEL) 3,148.50p 0.88% BP (BP.) 517.90p 0.62% Airtel Africa (AAF) 344.40p 0.53% Vodafone Group (VOD) 111.95p 0.49% Antofagasta (ANTO) 4,097.00p 0.39% Metlen Energy & Metals (MTLN) 41.13p 0.29%
FTSE 100 - Fallers
BT Group (BT.A) 208.20p -4.10% Autotrader Group (AUTO) 426.00p -3.92% Kingfisher (KGF) 285.70p -3.73% JD Sports Fashion (JD.) 82.80p -3.07% Convatec Group (CTEC) 196.60p -3.01% Severn Trent (SVT) 3,030.00p -2.70% National Grid (NG.) 1,236.50p -2.68% Associated British Foods (ABF) 1,824.50p -2.61% Weir Group (WEIR) 2,430.00p -2.56% Informa (INF) 796.00p -2.47%
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