FTSE 100 movers: ICG rallies, BT in the red after results

(Sharecast News) - London's FTSE 100 was up 0.4% at 10,468.62 in afternoon trade on Thursday. ICG rallied as it said full-year fee-earning assets under management rose 11% to $87bn, with fundraising exceeding its expectations at $17bn.

Defensive utilities SSE, National Grid and Centrica were also on the front foot.

On the downside, Autotrader slid after results. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "Half year results were decent enough but news that revenue and car price growth had flattened in April, and full-year guidance below market forecasts sparked a sell-off."

Convatec tumbled despite saying it had enjoyed a good start to the year and that it was on track to deliver its guidance for 2026.

BT Group was weaker after it reported flat adjusted earnings as strong demand for its fibre broadband offset lower service revenue.

Dan Coatsworth, head of markets at AJ Bell, said: "Telecoms titan BT may have raised its annual dividend and lifted the medium-term outlook for the payout, but there was still a sense the market was underwhelmed by its full-year results.

"BT's recovery is built on moving past the peak period of capital expenditure on infrastructure which should then allow free cash flow generation to advance substantially.

"It has made progress on reducing costs in the past financial year and is intent on rewarding shareholders for their patience while the turnaround plan plays out. However, the company is finding it difficult to dial up revenue growth. Revenues fell modestly in the year to 31 March and are expected to decline in the current financial year too.

"Broadband customers are still being lost in its Openreach business and while its consumer retail division returned to growth, average revenue per user remained under some pressure thanks to strong competition in this market."

Whitbread, Imperial Brands and Bunzl all lost ground as they traded without entitlement to the dividend.

FTSE 100 - Risers

ICG (ICG) 1,887.00p 2.40% Babcock International Group (BAB) 1,061.00p 2.21% IG Group Holdings (IGG) 1,838.00p 1.66% SSE (SSE) 2,369.00p 1.58% Glencore (GLEN) 574.60p 1.57% 3i Group (III) 2,209.00p 1.51% National Grid (NG.) 1,271.00p 1.35% Centrica (CNA) 197.25p 1.23% Rio Tinto (RIO) 7,728.00p 1.18% SEGRO (SGRO) 707.60p 1.14%

FTSE 100 - Fallers

Autotrader Group (AUTO) 456.60p -8.12% Convatec Group (CTEC) 199.80p -7.00% BT Group (BT.A) 219.20p -4.81% Whitbread (WTB) 2,343.00p -3.63% Entain (ENT) 533.60p -2.46% Weir Group (WEIR) 2,470.00p -2.45% Flutter Entertainment (DI) (FLTR) 7,058.00p -2.41% International Consolidated Airlines Group SA (CDI) (IAG) 389.50p -2.34% Imperial Brands (IMB) 2,821.00p -2.12% Bunzl (BNZL) 2,382.00p -1.97%