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FTSE 100 movers: Kingfisher slumps; Flutter flies higher
(Sharecast News) - London's FTSE 100 was down 0.5% at 7,527.48 in afternoon trade on Wednesday. B&Q Owner Kingfisher slumped following a Sky News report that it and Tesco, Sainsbury's and Morrisons have formed a new coalition to petition the government for a permanent business rates cut funded by the introduction of a new online tax.
Insurer Admiral was also under the cosh after FTSE 250 peer Direct Line reported lower gross premiums for the first quarter as new rules on pricing practices impacted results.
Going the other way, Flutter Entertainment rallied as it said group revenues grew in the three months ended 31 March as the number of average monthly players rose by 15%.
BP and Shell were among the gainers as oil prices rose after the EU said it would phase out Russian oil by the end of the year.
HSBC was also up following a report that executives form the bank and Ping An are planning to meet in mid-May to discuss the Chinese insurer's proposal that the bank should explore strategic options such as a spinoff of its Asian business.
Reuters cited a source familiar with the matter as saying that Ping An - China's largest insurer and HSBC's biggest shareholder - called last week on the bank to look at ways to boost returns.
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 8,850.00p 6.76% Aveva Group (AVV) 2,220.00p 2.59% BP (BP.) 420.25p 1.45% Shell (SHEL) 2,245.00p 1.31% HSBC Holdings (HSBA) 518.60p 1.13% Intertek Group (ITRK) 5,050.00p 0.96% DCC (CDI) (DCC) 6,226.00p 0.94% Experian (EXPN) 2,742.00p 0.81% BT Group (BT.A) 184.55p 0.68% Relx plc (REL) 2,367.00p 0.68%
FTSE 100 - Fallers
Kingfisher (KGF) 243.20p -4.36% Howden Joinery Group (HWDN) 695.00p -4.09% Dechra Pharmaceuticals (DPH) 3,384.00p -4.03% Avast (AVST) 511.80p -3.72% Ocado Group (OCDO) 885.20p -3.72% SEGRO (SGRO) 1,159.50p -3.70% Sainsbury (J) (SBRY) 232.40p -3.53% Intermediate Capital Group (ICP) 1,472.00p -3.38% Phoenix Group Holdings (PHNX) 596.40p -3.02% Admiral Group (ADM) 2,487.00p -2.89%
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