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FTSE 100 movers: Burberry tumbles on profit warning; miners in the red
(Sharecast News) - London's FTSE 100 was down 0.8% at 8,183.33 in afternoon trade on Monday. Luxury goods maker Burberry tumbled as it ousted its chief executive, suspended dividend payments and issued a profits warning after a slump in first-quarter revenues due to weak demand in all markets.
Chris Beauchamp, chief market analyst at online trading platform IG, said: "This is a kitchen sink exercise par excellence, and underscores the enormity of the challenge facing Burberry in a world where Chinese sales can no longer be taken for granted.
"However, as one of the more heavily-shorted FTSE shares, and trading at 11 times earnings, perhaps today might see at least a short-term pop for the share price, on the basis that most of the bad news is now firmly in the price."
Retailers more generally were under the cosh, with Marks & Spencer, Sports Direct owner Frasers Group and B&M all trading lower. B&M was also in focus ahead of a first-quarter trading update on Tuesday.
Miners were also in the red, with Antofagasta and Anglo American both down after data showed than China's economy grew less than expected in the second quarter.
Growth slowed to 4.7% year-on-year in Q2 from 5.3% in the first quarter, missing expectations of 5.1% growth.
FTSE 100 - Risers
Smurfit Westrock (DI) (SWR) 3,741.00p 2.21% 3i Group (III) 3,046.00p 0.99% BAE Systems (BA.) 1,279.50p 0.91% Smith (DS) (SMDS) 424.20p 0.81% Ashtead Group (AHT) 5,264.00p 0.80% Hikma Pharmaceuticals (HIK) 1,850.00p 0.71% Barclays (BARC) 223.50p 0.47% Darktrace (DARK) 578.20p 0.45% InterContinental Hotels Group (IHG) 8,344.00p 0.34% International Consolidated Airlines Group SA (CDI) (IAG) 174.40p 0.23%
FTSE 100 - Fallers
Burberry Group (BRBY) 725.00p -18.23% Frasers Group (FRAS) 831.00p -5.03% Antofagasta (ANTO) 2,117.00p -4.85% Marks & Spencer Group (MKS) 300.30p -3.00% JD Sports Fashion (JD.) 112.40p -2.89% Croda International (CRDA) 3,958.00p -2.85% SSE (SSE) 1,818.00p -2.73% Anglo American (AAL) 2,335.00p -2.55% Smith & Nephew (SN.) 1,073.00p -2.45% B&M European Value Retail S.A. (DI) (BME) 437.40p -2.43
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