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FTSE 100 movers: ICG rallies on results; Convatec falls again
(Sharecast News) - London's FTSE 100 was up 0.3% at 8,964 in afternoon trade on Wednesday. Intermediate Capital Group was the standout performer as it said assets under management rose 3% in the first quarter to $123bn, with fee-earning AUM up 4% to $82bn.
Insurer Hiscox jumped after an upgrade to 'overweight' by Morgan Stanley.
Rio Tinto gained as it revealed that US tariffs added $300m in first half costs on aluminium exports from Canada, but also said that annual copper output would be at the higher end of estimates.
Rio said that while a "substantial" part of the extra cost was offset by higher premiums on US sales when the 25% tariff was introduced in March, the premium could no longer fully compensate when President Donald Trump doubled duties on Canadian aluminium to 50% in June.
The mining giant also said annual copper production was now expected to be at the higher end of estimates after a 13% rise in output during the second quarter due to the successful ramp up of the Oyu Tolgoi underground mine and good performance at Escondida.
On the downside, Convatec was weaker again, having slumped on Tuesday after the Centers for Medicare & Medicaid Services in the US suggested to cut spending on skin-substitute products, citing "abusive pricing practices".
Convatec, which makes InnovaMatrix - a porcine placental-derived extra-cellular matrix for treatment of chronic, surgical and trauma wounds - said that if the proposal is implemented in its current form, the potential year-on-year headwind to FY26 revenue could be 1-2% of group revenue.
FTSE 100 - Risers
Intermediate Capital Group (ICG) 2,046.00p 3.49% Hiscox Limited (DI) (HSX) 1,263.00p 1.69% 3i Group (III) 4,214.00p 1.54% International Consolidated Airlines Group SA (CDI) (IAG) 383.00p 1.54% Games Workshop Group (GAW) 16,280.00p 1.50% Weir Group (WEIR) 2,632.00p 1.46% Rio Tinto (RIO) 4,409.00p 1.45% Vodafone Group (VOD) 81.84p 1.29% Barclays (BARC) 347.65p 1.25% Lloyds Banking Group (LLOY) 77.18p 1.23%
FTSE 100 - Fallers
Convatec Group (CTEC) 240.20p -1.72% Land Securities Group (LAND) 568.00p -1.65% Croda International (CRDA) 2,874.00p -1.64% Unite Group (UTG) 789.50p -1.56% CRH (CDI) (CRH) 7,034.00p -1.12% SEGRO (SGRO) 648.00p -1.07% BAE Systems (BA.) 1,867.00p -0.82% Smurfit Westrock (DI) (SWR) 3,401.00p -0.82% Persimmon (PSN) 1,182.00p -0.76% Barratt Redrow (BTRW) 374.50p -0.74%
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