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FTSE 100 movers: Endeavour Mining tumbles as CEO fired; WPP rallies
(Sharecast News) - London's FTSE 100 was down 0.4% at 7,695.00 in afternoon trade on Friday. Advertising firm WPP rallied following a report that Kantar Media, a division of the Kantar market research company, will be auctioned later this year.
Sky News cited City sources as saying that that Bain Capital, Kantar's majority owner, was in the process of appointing investment bankers to oversee a sale process.
Industry insiders told Sky that Kantar Media could be worth as much as £1bn. It was unclear exactly when a sales process might get under way. Bain Capital owns a 60% stake in Kantar, while WPP holds the remaining 40% interest.
Endeavour Mining tumbled after it announced that president and chief executive Sebastien de Montessus has been dismissed with immediate effect for "serious misconduct".
The sacking follows an investigation by the board into "an irregular payment instruction issued by him in relation to an asset disposal undertaken by the company".
The amount of this irregular payment instruction is $5.9m and Endeavour said the board recently became aware of it in the course of a review of acquisitions and disposals, which is ongoing.
Paper and packaging group Mondi slumped after a downgrade to 'hold' from 'buy' at Jefferies.
FTSE 100 - Risers
WPP (WPP) 770.40p 3.80% Centrica (CNA) 149.85p 1.70% Glencore (GLEN) 464.05p 1.05% Burberry Group (BRBY) 1,373.50p 1.03% Convatec Group (CTEC) 245.00p 0.99% BP (BP.) 476.55p 0.65% Entain (ENT) 975.00p 0.62% Antofagasta (ANTO) 1,613.50p 0.56% Haleon (HLN) 330.65p 0.30% Fresnillo (FRES) 544.20p 0.22%
FTSE 100 - Fallers
Endeavour Mining (EDV) 1,514.00p -10.63% Ocado Group (OCDO) 697.00p -5.07% RS Group (RS1) 786.60p -4.49% IMI (IMI) 1,549.00p -3.91% Mondi (MNDI) 1,493.00p -2.89% Smurfit Kappa Group (CDI) (SKG) 3,010.00p -2.53% Ashtead Group (AHT) 5,124.00p -2.33% 3i Group (III) 2,285.00p -2.23% International Consolidated Airlines Group SA (CDI) (IAG) 150.05p -2.12% Kingfisher (KGF) 228.10p -2.10%
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