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FTSE 100 movers: Intertek tumbles after results; banks weaker again
(Sharecast News) - London's FTSE 100 was down 3.1% at 10,446.44 in afternoon trade on Tuesday amid escalating tensions in the Middle East. Testing and inspection specialist Intertek tumbled even as it forecast further earnings growth following a jump in annual sales and profits.
RBC Capital Markets said there was "too much for the bears to get their teeth stuck into". In particular, the broker noted a possible marked deceleration in organic growth in November and December, and higher-than-expected restructuring costs.
BA and Iberia owner IAG fell sharply for the second day in a row.
Susannah Streeter, chief investment strategist at Wealth Club, said: "Airline stocks have sunk further, as the cost of aviation fuel looks set to rise, key routes remain closed, and travellers' confidence takes a significant hit."
Chilean miner Antofagasta lost ground as copper prices fell, while precious metals miner Fresnillo retreated in tandem with gold prices, as investors took profits despite escalating tensions in the Middle East.
"Gold had rallied into the military operation in Iran, with traders now 'selling the news,' despite continued escalation in the region," said SP Angel.
Banks HSBC and Barclays were also under the cosh again, along with St James's Place.
FTSE 100 - Risers
Smith & Nephew (SN.) 1,361.50p 4.41% Flutter Entertainment (DI) (FLTR) 7,856.00p 1.50% Hikma Pharmaceuticals (HIK) 1,258.00p 0.56% Compass Group (CPG) 2,257.00p 0.18% Entain (ENT) 552.40p 0.14% RELX FINANCE BV 3.375% GTD NTS 20/03/33 (BW73) 98.64p 0.00% Beazley (BEZ) 1,291.00p -0.08% Schroders (SDR) 586.00p -0.17% Pearson (PSON) 951.40p -0.25% Sainsbury (J) (SBRY) 342.40p -0.35%
FTSE 100 - Fallers
Intertek Group (ITRK) 4,010.00p -14.44% International Consolidated Airlines Group SA (CDI) (IAG) 368.60p -7.96% Antofagasta (ANTO) 3,876.00p -6.82% HSBC Holdings (HSBA) 1,255.80p -5.60% Fresnillo (FRES) 3,884.00p -5.53% Persimmon (PSN) 1,374.50p -5.42% Barclays (BARC) 414.45p -5.34% Rentokil Initial (RTO) 427.80p -5.26% St James's Place (STJ) 1,246.50p -5.23% Rolls-Royce Holdings (RR.) 1,284.00p -5.10%
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