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FTSE 100 movers: BAE Systems boosted by upgrade; Burberry out of fashion
(Sharecast News) - London's FTSE 100 was down 0.1% at 7,622.97 in afternoon trade on Wednesday. BAE Systems was a high riser after an upgrade to 'buy' at DZ Bank.
Luxury fashion brand Burberry was under the cosh after French peer LVMH, the owner of Louis Vuitton, said weaker global demand had caused sales growth to slow. LVMH, which also owns Moet & Chandon, Tiffany & Co and TAG Heuer, said sales improved 9% in the three months to September end to €19.96bn.
However, this was down on the 17% sales growth recorded in both the first and second quarters.
Clothing retailers more generally were under the cosh, with JD Sports, Frasers, Next and M&S all down.
Next was in focus following a report that the clothing and homeware retailer is putting the finishing touches to an acquisition of FatFace, just three years after it was taken over by its lenders.
According to Sky News, which cited City sources, the deal could be announced later this week.
B&Q owner Kingfisher was in the red after builders' merchant Travis Perkins warned on profits.
FTSE 100 - Risers
Imperial Brands (IMB) 1,754.50p 1.83% M&G (MNG) 200.80p 1.49% Prudential (PRU) 908.20p 1.45% SSE (SSE) 1,591.00p 1.40% BT Group (BT.A) 119.85p 1.35% Flutter Entertainment (CDI) (FLTR) 13,820.00p 1.32% BAE Systems (BA.) 1,054.00p 1.25% Spirax-Sarco Engineering (SPX) 8,994.00p 1.19% Halma (HLMA) 1,942.00p 1.15% Rightmove (RMV) 590.60p 1.13%
FTSE 100 - Fallers
JD Sports Fashion (JD.) 140.00p -2.88% Burberry Group (BRBY) 1,789.00p -2.53% Kingfisher (KGF) 213.30p -2.07% Convatec Group (CTEC) 210.40p -1.96% Smith & Nephew (SN.) 962.60p -1.86% Frasers Group (FRAS) 814.00p -1.63% Next (NXT) 6,922.00p -1.62% Entain (ENT) 946.80p -1.58% Ocado Group (OCDO) 592.40p -1.27% Marks & Spencer Group (MKS) 222.60p -1.24%
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