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FTSE 100 movers: Melrose rallies on outlook upgrade; Beazley slumps
(Sharecast News) - London's FTSE 100 was up 0.3% at 7,449.77 in afternoon trade on Thursday. Melrose Industries rallied after it lifted its annual outlook as it said trading has been ahead of expectations, partly due to higher-than-expected margins at the engines division.
In an update for the six months to 30 June, the company said adjusted pre-tax profit jumped to £134m from £9m in the same period a year earlier, with revenues up £1.6bn from £1.4bn.
Melrose said the aerospace business performed well during the period and that the engines division had exceeded its margin guidance "and continues to demonstrate exceptional profit growth and long-term cash flows".
On the downside, Prudential and DS Smith were both lower as they traded without entitlement to the dividend.
Paper and packaging company Smurfit Kappa fell as it confirmed it is in merger talks with US peer WestRock. No financial details were given but a report by the Wall street Journal suggested the combined group could be worth around $20bn.
Miners Anglo American, Rio Tinto and Antofagasta all lost ground after uninspiring Chinese trade data.
Insurer Beazley was in the red after saying it remains on track to hit guidance after delivering record profits in the first half, but its combined ratio jumped.
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 222.20p 3.49% Melrose Industries (MRO) 525.80p 3.30% Relx plc (REL) 2,694.00p 2.16% Centrica (CNA) 158.80p 1.76% Mondi (MNDI) 1,315.50p 1.50% Ocado Group (OCDO) 859.00p 1.42% BAE Systems (BA.) 1,027.50p 1.33% Sage Group (SGE) 1,003.50p 1.32% DCC (CDI) (DCC) 4,344.00p 1.28% M&G (MNG) 194.20p 1.28%
FTSE 100 - Fallers
Prudential (PRU) 905.20p -3.00% Anglo American (AAL) 2,026.50p -2.85% Smith (DS) (SMDS) 296.40p -2.66% Smurfit Kappa Group (CDI) (SKG) 3,134.00p -2.61% JD Sports Fashion (JD.) 135.80p -2.51% Rio Tinto (RIO) 4,862.50p -2.33% Antofagasta (ANTO) 1,461.50p -2.31% Beazley (BEZ) 531.00p -1.85% Airtel Africa (AAF) 113.70p -1.73% Glencore (GLEN) 422.40p -1.64%
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