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FTSE 100 movers: M&G surges; IAG flies lower
(Sharecast News) - London's FTSE 100 was down 0.4% at 7,879.46 in afternoon trade on Friday. M&G shot to the top of the index. Traders pointed to read-across from FTSE 250-listed Jupiter Fund Management, which surged on the back of its full-year results.
Rolls-Royce was on the rise again, having rocketed on Thursday after results.
On the downside, British Airways and Iberia owner IAG flew lower despite saying it swung to a full-year profit as international travel recovered from the Covid pandemic.
The company also said it had agreed to buy out the 80% of Air Europa it does not own for €400m in a move to turn Madrid into a major airport hub.
Russ Mould, investment director at AJ Bell, said: "It is better to travel than arrive' could be a neat tagline for British Airways owner International Consolidated Airlines - talking up the pleasures of air travel - instead, this stock market truism was underlined as shares in the company descended despite unveiling its first annual profit since the pandemic.
"Up more than 60% from its late September lows before today the stock had already enjoyed an extraordinarily strong run and while the latest results were encouraging there are areas of concern for investors.
"As a legacy of Covid, debt is highly elevated. This could make the market uncomfortable, particularly if there is any indication it is preventing IAG from making necessary investments in its business.
"The pledge to return to pre-Covid levels of profit in the next few years gives investors something to look forward to but also demands some patience - and there is no dividend to reward shareholders for sticking around."
FTSE 100 - Risers
M&G (MNG) 212.80p 7.75% Rolls-Royce Holdings (RR.) 139.28p 4.64% BAE Systems (BA.) 919.80p 2.00% Frasers Group (FRAS) 799.50p 1.91% Centrica (CNA) 104.00p 1.46% Standard Chartered (STAN) 773.60p 1.39% Airtel Africa (AAF) 123.30p 1.23% Pearson (PSON) 918.40p 1.15% Rentokil Initial (RTO) 519.40p 1.09% Smurfit Kappa Group (CDI) (SKG) 3,077.00p 0.95%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 153.46p -7.24% Flutter Entertainment (CDI) (FLTR) 13,265.00p -4.74% Ocado Group (OCDO) 612.40p -4.04% Anglo American (AAL) 2,900.50p -3.62% Entain (ENT) 1,318.00p -2.73% WPP (WPP) 1,030.50p -2.00% Rio Tinto (RIO) 5,720.00p -1.99% Burberry Group (BRBY) 2,425.00p -1.94% Prudential (PRU) 1,215.00p -1.94% Antofagasta (ANTO) 1,552.00p -1.93%
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