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FTSE 100 movers: Ocado recovers after heavy losses; British Land goes ex-div
(Sharecast News) - London's FTSE 100 was down 0.7% at 7,042.93 in afternoon trade on Thursday. British Land and United Utilities both slumped as they traded without entitlement to the dividend.
Ocado was the standout gainer on index, having tumbled on Wednesday, likely on expectations that it will lose out to discounters such as Aldi and Lidl as the cost-of-living crisis intensifies.
Rentokil also gained after an upgrade to 'buy' from 'hold' at Deutsche Bank.
DB said the wider pest control industry has experienced consistent growth through the cycle in the USA, with no year of nominal revenue decline since 1988, and only four in real terms.
"We believe this should result in a resilient performance in the event of weakening economy," DB said. "Industry data indicates prices are rising to offset costs."
DB also said the Terminix deal has the potential to be significantly value-enhancing.
Elsewhere, GlaxoSmithKline gained as it said it will invest £1bn over ten years to accelerate research and development into infectious diseases such as malaria and tuberculosis that disproportionately impact lower-income countries.
FTSE 100 - Risers
Ocado Group (OCDO) 851.00p 3.81% Berkeley Group Holdings (The) (BKG) 3,776.00p 2.72% BT Group (BT.A) 185.20p 2.01% BAE Systems (BA.) 773.00p 1.71% Avast (AVST) 523.40p 1.32% Hikma Pharmaceuticals (HIK) 1,520.00p 1.16% Rentokil Initial (RTO) 465.10p 1.11% Burberry Group (BRBY) 1,620.50p 0.93% B&M European Value Retail S.A. (DI) (BME) 375.70p 0.91% GSK (GSK) 1,719.60p 0.81%
FTSE 100 - Fallers
British Land Company (BLND) 476.70p -5.68% United Utilities Group (UU.) 978.00p -3.83% Pershing Square Holdings Ltd NPV (PSH) 2,385.00p -3.64% Antofagasta (ANTO) 1,201.00p -3.46% Rolls-Royce Holdings (RR.) 83.15p -3.44% Fresnillo (FRES) 785.40p -3.42% Endeavour Mining (EDV) 1,743.00p -3.27% WPP (WPP) 797.40p -2.92% NATWEST GROUP PLC ORD 100P (NWG) 221.60p -2.81% Intertek Group (ITRK) 4,220.00p -2.76%
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