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FTSE 100 movers: Lloyds gains on results; Reckitt tumbles
(Sharecast News) - London's FTSE 100 was up 0.2% at 7,403.93 in afternoon trade on Wednesday. Lloyds Banking Group rallied as it as it reported a massive jump in third-quarter profits as it continued to cash in on higher interest rates, despite a reduction in lending to customers amid tough macroeconomic conditions.
Pre-tax profit for the three months to September 30 soared to £1.85bn from £576m a year earlier.
Bunzl recovered some ground, having slumped on Tuesday as it backed full-year guidance for adjusted operating profit but reported a decline in third-quarter sales and said full-year revenue was expected to be "slightly lower" than in 2022 at constant exchange rates.
Online supermarket Ocado was the standout loser on the index.
Reckitt Benckiser tumbled as the consumer goods giant's third-quarter like-for-like sales growth of 3.4% undershot analyst expectations. Reckitt also unveiled plans to return £1bn to shareholders and laid out a strategy to boost revenues over the medium term.
Danni Hewson, head of financial analysis at AJ Bell, said: "News of a £1 billion share buyback is not enough to blind shareholders to an uncertain start for new Reckitt boss Kris Licht with like-for-like sales growth coming in slightly below expectations and its nutrition business having a rough quarter."
FTSE 100 - Risers
Rio Tinto (RIO) 5,206.00p 2.89% Sage Group (SGE) 972.20p 2.25% Lloyds Banking Group (LLOY) 41.48p 2.23% Ashtead Group (AHT) 4,762.00p 2.04% BAE Systems (BA.) 1,094.50p 1.58% Smurfit Kappa Group (CDI) (SKG) 2,618.00p 1.39% Bunzl (BNZL) 2,835.00p 1.29% Antofagasta (ANTO) 1,344.50p 1.24% IMI (IMI) 1,472.00p 1.24% Smiths Group (SMIN) 1,568.00p 1.10%
FTSE 100 - Fallers
Ocado Group (OCDO) 474.40p -6.54% Reckitt Benckiser Group (RKT) 5,630.00p -4.83% Entain (ENT) 920.60p -2.08% St James's Place (STJ) 606.40p -1.81% JD Sports Fashion (JD.) 126.75p -1.71% International Consolidated Airlines Group SA (CDI) (IAG) 139.75p -1.62% Schroders (SDR) 362.00p -1.60% Airtel Africa (AAF) 113.20p -1.31% Prudential (PRU) 824.00p -1.27% Beazley (BEZ) 507.50p -1.26%
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