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FTSE 100 movers: Ocado slides; Centrica powers ahead
(Sharecast News) - London's FTSE 100 was down 0.5% at 7,351.92 in afternoon trade on Tuesday. Ocado slid after The Tempus column in The Times looked at the huge rally in the shares since it announced a deal with South Korean conglomerate Lotte and said it was a stock to avoid.
Vodafone slumped after the telecoms giant said annual earnings would come in at the lower end of guidance as it battled higher energy costs and inflation.
Discount retailer B&M European Value was weaker after a downgrade to 'hold' at Numis.
Going the other way, British Gas owner Centrica and SSE gained following a report that chancellor Jeremy Hunt is considering introducing a 40% windfall tax on the "excess returns" of electricity generators as part of this week's Autumn Statement.
It is understood the levy - which will be applied to excess returns produced above an as yet unspecified price per megawatt hour - would replace plans by former prime minister Liz Truss to cap the revenues of renewable energy producers.
With the threshold for the price for megawatt hour not yet know, shares in UK power generators jumped on the reports, on hopes that the oil and gas sector would bear the brunt of the government's package of windfall taxes.
BAE Systems rose after it held guidance as it said a weaker pound would provide a tailwind for reported annual earnings and sales.
Melrose Industries gained after saying it was trading in line with expectations for the year, with momentum in the aerospace division improving.
FTSE 100 - Risers
Centrica (CNA) 86.94p 4.17% BAE Systems (BA.) 745.80p 2.70% Melrose Industries (MRO) 129.10p 1.49% Scottish Mortgage Inv Trust (SMT) 820.40p 1.46% Pearson (PSON) 964.60p 1.20% Rightmove (RMV) 563.40p 1.08% Glencore (GLEN) 517.00p 0.98% SSE (SSE) 1,645.00p 0.80% Anglo American (AAL) 3,342.00p 0.69% Rio Tinto (RIO) 5,444.00p 0.68%
FTSE 100 - Fallers
Ocado Group (OCDO) 802.20p -13.33% Vodafone Group (VOD) 97.15p -6.73% Intermediate Capital Group (ICP) 1,201.00p -3.34% Dechra Pharmaceuticals (DPH) 2,838.00p -3.14% B&M European Value Retail S.A. (DI) (BME) 392.60p -2.65% Smith (DS) (SMDS) 309.60p -2.40% Hargreaves Lansdown (HL.) 909.40p -2.36% Endeavour Mining (EDV) 1,666.00p -2.34% Kingfisher (KGF) 244.10p -2.20% Airtel Africa (AAF) 116.60p -2.02%
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