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FTSE 100 movers: M&S slumps after results; paper companies rally

By Michele Maatouk

Date: Wednesday 22 May 2019

FTSE 100 movers: M&S slumps after results; paper companies rally

(Sharecast News) - London's FTSE 100 was up 0.1% at 7,334.67 in afternoon trade on Wednesday.
Paper and packaging companies Smurfit, Mondi and DS Smith were the standout gainers after Mondi told its customers that the prices of recycled containerboard and kraft top liner will be increased by 60 euros a tonne in June-July. It said this was "driven by continued reduction of stock levels and rising market demand".

On the downside, Marks & Spencer slumped as it announced a discounted rights issue and said annual profit fell almost 10% as underlying revenue declined across the retail chain's food and clothing and home divisions.

Ian Forrest, investment research analyst at The Share Centre, said: "It is clear that the company still has a long way to go in improving its performance. While changes are being made, and the deal with Ocado earlier this year was a positive move, the company is asking shareholders, who've seen the share price halve in recent years, to contribute through a rights issue.

"The fact that sales are still expected to drop this year suggests the turnaround is still some way off. We continue to view the shares as a sell."

Housebuilders Persimmon, Barratt Development, Berkeley and Taylor Wimpey were down in the dumps amid growing concerns about Brexit.

SSE was weaker as it said full-year adjusted pre-tax profits at the energy provider fell 38% to £725.7m, reflecting a £284.9m adjusted operating loss previously forecast in Energy Portfolio Management.

The company added that Brexit worries and Labour's proposed renationalisation policy if it was elected had caused "significant" uncertainty.



FTSE 100 - Risers

Smurfit Kappa Group (SKG) 2,301.00p 5.31%
Mondi (MNDI) 1,725.50p 3.85%
Coca-Cola HBC AG (CDI) (CCH) 2,853.00p 3.03%
Smith (DS) (SMDS) 330.10p 2.83%
Hikma Pharmaceuticals (HIK) 1,736.00p 2.66%
Sage Group (SGE) 771.00p 2.36%
Spirax-Sarco Engineering (SPX) 8,785.00p 2.27%
InterContinental Hotels Group (IHG) 5,127.00p 2.09%
Reckitt Benckiser Group (RB.) 6,395.00p 2.01%
Experian (EXPN) 2,375.00p 1.93%

FTSE 100 - Fallers

Marks & Spencer Group (MKS) 248.80p -8.26%
easyJet (EZJ) 926.60p -5.89%
Persimmon (PSN) 2,001.67p -5.04%
Sainsbury (J) (SBRY) 199.20p -3.81%
International Consolidated Airlines Group SA (CDI) (IAG) 474.70p -3.75%
Barratt Developments (BDEV) 574.80p -3.72%
Royal Bank of Scotland Group (RBS) 217.50p -3.55%
Berkeley Group Holdings (The) (BKG) 3,586.00p -3.52%
Taylor Wimpey (TW.) 170.20p -3.21%
SSE (SSE) 1,012.00p -3.16%

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