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FTSE 100 movers: Experian rallies on results; Convatec slumps
(Sharecast News) - London's FTSE 100 was down 0.2% at 8,976.77 in afternoon trade on Tuesday, having breached the 9,000 mark for the first time. Experian jumped to the top of the index as it posted a 12% increase in first-quarter revenue, with 10% growth in North America, which accounts for 67% of group revenue.
Barratt Redrow was under the cosh as the housebuilder warned that both profits and completions would be lower this year.
Updating on trading for the year to 29 June, the company said it had been a "solid performance" despite a "challenging" market backdrop.
However, looking to the current year, and the firm warned that homebuyer confidence remained "fragile", with total home completions likely to be down year-on-year, in the range of 17,200 to 17,800. It also said profits would take a £98m hit, due to new safety charges.
Peers Persimmon and Taylor Wimpey also fell.
Convatec fell sharply after the Centers for Medicare & Medicaid Services in the US suggested in a draft proposal to cut spending on skin-substitute products, citing "abusive pricing practices".
Convatec said in a statement that it supports the CMS in seeking to remove excess cost and promote responsible market practices.
However, it said that if the proposal is implemented in its current form, the potential year-on-year headwind to FY26 revenue could be approximately 1-2% of group revenue.
Convatec makes InnovaMatrix, a porcine placental-derived extra-cellular matrix for treatment of chronic, surgical and trauma wounds.
FTSE 100 - Risers
Experian (EXPN) 4,029.00p 4.57% WPP (WPP) 429.40p 3.57% CRH (CDI) (CRH) 7,164.00p 2.20% Diploma (DPLM) 4,994.00p 1.84% GSK (GSK) 1,449.00p 1.72% Flutter Entertainment (DI) (FLTR) 21,960.00p 1.48% Intermediate Capital Group (ICG) 2,018.00p 1.46% Melrose Industries (MRO) 534.20p 1.44% Informa (INF) 846.00p 1.41% Bunzl (BNZL) 2,308.00p 1.41%
FTSE 100 - Fallers
Barratt Redrow (BTRW) 381.60p -8.38% Convatec Group (CTEC) 246.40p -4.86% Fresnillo (FRES) 1,486.00p -3.63% Persimmon (PSN) 1,197.50p -1.64% JD Sports Fashion (JD.) 84.80p -1.53% Imperial Brands (IMB) 2,921.00p -1.48% Taylor Wimpey (TW.) 109.95p -1.43% Kingfisher (KGF) 276.50p -1.43% Babcock International Group (BAB) 1,084.00p -1.09% Airtel Africa (AAF) 186.10p -1.01%
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