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FTSE 100 movers: Hargreaves loses ground; BT rallies
(Sharecast News) - London's FTSE 100 was down 1.7% at 7,221.57 in afternoon trade on Thursday amid worries about a global growth slowdown.
Tech-heavy Scottish Mortgage Investment Trust was under pressure. Russ Mould, investment director at AJ Bell, said: "Investors feared portfolio company valuations would be worth less based on discounted cash flow models because of rising interest rates.
"Once seen as a superstar vehicle for the world's next big things in the world of business, Scottish Mortgage has lost its shine big time. Its share price is down 43% year-to-date and has more than halved in value since last November's peak."
Hargreaves Lansdown slumped after the investment platform reported a drop in assets under management and net new business for the four months to 30 April.
Miners were also under the cosh amid worries about growth, with Glencore, Antofagasta and Anglo American all down.
On the upside, BT rallied as the telecoms and broadcasting group said it was moving its sports TV division into a 50-50 joint venture with Warner Bros Discovery and reported a small rise in adjusted annual core earnings after revenue fell 2%.
Retailer JD Sports gained as it said like-for-like sales were more than 5% higher year-on-year, driven by both the "strength and breadth" of its brand relationships and category offerings.
Coca-Cola HBC fizzed higher as it hailed a strong performance in the first quarter despite a "turbulent environment".
FTSE 100 - Risers
BT Group (BT.A) 183.45p 3.97% JD Sports Fashion (JD.) 123.25p 3.66% Coca-Cola HBC AG (CDI) (CCH) 1,642.00p 2.75% Associated British Foods (ABF) 1,623.50p 0.96% Unilever (ULVR) 3,717.50p 0.73% Next (NXT) 6,250.00p 0.58% Compass Group (CPG) 1,697.00p 0.18% Vodafone Group (VOD) 119.02p 0.13% B&M European Value Retail S.A. (DI) (BME) 457.20p -0.24% Reckitt Benckiser Group (RKT) 6,366.00p -0.25%
FTSE 100 - Fallers
Fresnillo (FRES) 694.40p -10.19% Ocado Group (OCDO) 704.20p -7.85% Scottish Mortgage Inv Trust (SMT) 719.80p -7.81% Glencore (GLEN) 444.70p -6.58% Endeavour Mining (EDV) 1,813.00p -6.40% Hargreaves Lansdown (HL.) 839.00p -6.15% Antofagasta (ANTO) 1,317.00p -6.10% Anglo American (AAL) 3,240.50p -4.62% International Consolidated Airlines Group SA (CDI) (IAG) 120.36p -4.52% Flutter Entertainment (CDI) (FLTR) 8,126.00p -4.35%
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