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FTSE 100 movers: Melrose Industries rallies; Airtel Africa slumps
(Sharecast News) - London's FTSE 100 was down 0.6% at 7,556.82 in afternoon trade on Wednesday. Airtel Africa was the worst performer on the index, closely followed by Royal Mail.
Melrose Industries surged after the GKN owner announced the launch of a £500m share buyback following the agreed sale of its US division. The programme, which will be launched on Thursday, will purchase no more than just over 437.2m shares and will end no later than 31 October.
Chief executive Simon Peckham said: "Having agreed the sale of Ergotron, we are now in a position to again distribute capital to our shareholders and have chosen the quickest way to start to achieve that goal.
"We will continue to keep under review the appropriate capital structure of Melrose as we position for continuing success."
Information technology consultancy Aveva was also up despite saying it swung to a full-year loss.
JD Sports recovered some ground, having slumped a day earlier after the Competition and Markets Authority said it had provisionally concluded that JD and rival retailer Elite Sports fixed the retail prices of a number of Rangers-branded replica kits and other clothing products from September 2018 until at least July 2019.
FTSE 100 - Risers
Melrose Industries (MRO) 153.00p 7.67% Aveva Group (AVV) 2,399.00p 7.58% Scottish Mortgage Inv Trust (SMT) 799.60p 2.96% Rolls-Royce Holdings (RR.) 93.41p 1.69% Ocado Group (OCDO) 936.20p 1.67% Whitbread (WTB) 2,746.00p 1.67% Avast (AVST) 481.60p 1.60% JD Sports Fashion (JD.) 119.65p 1.01% GSK (GSK) 1,735.60p 0.93% Lloyds Banking Group (LLOY) 46.00p 0.90%
FTSE 100 - Fallers
Airtel Africa (AAF) 146.10p -6.70% Royal Mail (RMG) 291.50p -5.14% Antofagasta (ANTO) 1,474.00p -3.19% Schroders (SDR) 2,834.00p -2.68% Sage Group (SGE) 642.40p -2.46% St James's Place (STJ) 1,201.00p -2.40% Intermediate Capital Group (ICP) 1,507.50p -2.27% Smurfit Kappa Group (CDI) (SKG) 3,140.00p -2.24% Croda International (CRDA) 6,628.00p -2.18% Abrdn (ABDN) 187.20p -2.12%
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