FTSE 100 movers: ICG gains; Kingfisher weak after results

(Sharecast News) - London's FTSE 100 was down 0.2% at 8,757.63 in afternoon trade on Wednesday. Intermediate Capital Group was the top gainer on the index after GlobalData said that takeover talks with KKR had fizzled out and that it had extended the 'put up or shut up' deadline for ICG.

GlobalData announced at the end of last month that it had received takeover approaches from both ICG and KKR regarding a possible cash offer, with each party required by 28 May to either announce a firm intention to make an offer or walk away.

Discussions with ICG remain ongoing, GlobalData said, with the board requesting an extension of the PUSU deadline by two weeks to 11 June.

B&Q and Castorama owner Kingfisher fell as it reported a small increase in underlying sales in its first quarter as continued weakness across its French operations was offset by strong growth in the UK and Ireland.

Russ Mould, investment director at AJ Bell, said: "DIY retailer Kingfisher got hammered for its last update and despite some bright spots in its latest release, it is apparent the business still needs some renovation.

"The company is sticking with guidance despite a better-than-expected showing from B&Q and other UK brands Screwfix and Tradepoint. This reflects the fact its French and Polish businesses are struggling. The latter partly as a result of a tricky geopolitical backdrop - with the country close to the frontline of one of the world's key flashpoints thanks to its relative proximity to Russia.

"There may be some scepticism about how sustainable the performance in the UK can be too - as clearly some of it has been driven by the good weather during April and May.

"Given the big divergence in performance between the company's UK business and its main overseas operations in France and Poland, questions may begin to surface about whether it might look to focus its attention on these shores and divest other parts of the group."

FTSE 100 - Risers

Intermediate Capital Group (ICG) 2,060.00p 1.98% Pershing Square Holdings Ltd NPV (PSH) 3,948.00p 1.86% Unite Group (UTG) 832.00p 1.46% SEGRO (SGRO) 674.60p 1.44% Hikma Pharmaceuticals (HIK) 2,142.00p 1.42% Intertek Group (ITRK) 4,850.00p 1.38% Flutter Entertainment (DI) (FLTR) 18,180.00p 1.34% easyJet (EZJ) 562.80p 1.26% Rentokil Initial (RTO) 358.30p 1.16% Babcock International Group (BAB) 930.00p 1.09%

FTSE 100 - Fallers

Kingfisher (KGF) 284.50p -3.82% Sainsbury (J) (SBRY) 285.60p -2.53% 3i Group (III) 4,070.00p -1.62% Aviva (AV.) 611.60p -1.35% Coca-Cola HBC AG (CDI) (CCH) 3,942.00p -1.20% Airtel Africa (AAF) 176.80p -1.17% Lloyds Banking Group (LLOY) 77.66p -1.04% Smurfit Westrock (DI) (SWR) 3,259.00p -1.00% Severn Trent (SVT) 2,711.00p -0.95% Compass Group (CPG) 2,664.00p -0.75%