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FTSE 100 movers: Defence firms rally; Bunzl slumps on results
(Sharecast News) - London's FTSE 100 was up 1% at 8,899.55 in afternoon trade on Monday. Defence firms BAE Systems, Rolls-Royce and Melrose Industries all rallied amid the prospect of increased spending.
The sector got a lift after the UK hosted a summit on Ukraine in London, with France's Emmanuel Macron and UK Prime Minister Keir Starmer proposing a one-month ceasefire that would cover air, sea and energy infrastructure.
Also over the weekend, Starmer announced a £1.6bn finance deal to help Ukraine buy 5,000 missiles.
On the downside, distribution firm Bunzl tumbled as investors were unimpressed with a weaker performance in the US which held back sales.
Adjusted pre-tax profit rose 2.2% to £873m while revenue fell slightly to £11.7bn. The company, which supplies companies globally with items such as food packaging and labels for supermarkets, catering equipment and personal protection clothing for hospitals, reiterated guidance after posting a rise in adjusted annual profits.
On a reported basis, profits fell 3.6% to £673m.
Bunzl cited deflation across the US and Europe, which led to fiercer competition to decrease prices among suppliers, for the revenue decline. Sales volumes were also impacted by the firm switching its focus towards own-brand products in its food services division in the US.
In the UK, Bunzl flagged a more challenging sales environment leading to weaker volumes, particularly in its safety division, which includes supplying equipment for building sites, and retail arm, with packaging for luxury fashion and jewellery firms impacted by slower consumer demand.
FTSE 100 - Risers
BAE Systems (BA.) 1,608.50p 14.36% Rolls-Royce Holdings (RR.) 794.20p 6.75% Antofagasta (ANTO) 1,803.50p 4.04% St James's Place (STJ) 1,098.00p 3.78% IMI (IMI) 2,076.00p 3.70% Melrose Industries (MRO) 662.80p 3.40% Intermediate Capital Group (ICG) 2,358.00p 3.33% Anglo American (AAL) 2,405.50p 2.98% Glencore (GLEN) 328.40p 2.90% Marks & Spencer Group (MKS) 364.20p 2.65%
FTSE 100 - Fallers
Bunzl (BNZL) 3,150.00p -6.47% National Grid (NG.) 955.20p -2.03% BT Group (BT.A) 156.70p -1.94% International Consolidated Airlines Group SA (CDI) (IAG) 345.80p -1.85% Severn Trent (SVT) 2,463.00p -1.60% Taylor Wimpey (TW.) 111.85p -1.32% Informa (INF) 848.80p -1.19% Land Securities Group (LAND) 558.00p -1.15% British Land Company (BLND) 356.60p -1.05% Sainsbury (J) (SBRY) 256.20p -0.93%
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