FTSE 100 movers: BT hit by Virgin Media news; tobacco stocks gain
By Michele Maatouk
Date: Wednesday 06 Nov 2019
(Sharecast News) - London's FTSE 100 was up 0.1% at 7,393.13 in afternoon trade on Wednesday.
Tobacco stocks were on the rise, with Imperial Brands and British American Tobacco both higher. On Tuesday, Imperial reported a decline in full-year profit despite a rise in revenue, amid "tough" trading in its next generation products.
RBC Capital Markets said in a note earlier: "Imperial Brands has gone some way in addressing its issues: it has rebased expectations and cleaned up its accounting (a bit). However, we think there are further challenges facing the next CEO that are yet to be addressed."
On the downside, BT Group was the worst performer after Virgin Media said it had agreed a five-year deal to switch its more than 3 million mobile customers to the Vodafone network once its agreement with BT runs out.
Landlord British Land was on the back foot after shopping centre owner Intu Properties said rental income for the year was set to drop and that it was considering a cash call amid tough trading conditions in the retail sector. The company expects like-for-like net rental income for 2019 to be down by around 9%. More than half the reduction was attributed to the impact of company voluntary arrangements (CVAs) by retailers such as Arcadia and Monsoon.
FTSE 100 - Risers
Imperial Brands (IMB) 1,789.57p 2.31%
Unilever (ULVR) 4,693.00p 1.90%
British American Tobacco (BATS) 2,832.00p 1.47%
Associated British Foods (ABF) 2,405.00p 1.31%
BAE Systems (BA.) 580.40p 1.29%
Auto Trader Group (AUTO) 548.20p 1.11%
Hikma Pharmaceuticals (HIK) 2,025.00p 1.10%
Bunzl (BNZL) 2,047.00p 0.99%
Relx plc (REL) 1,845.50p 0.87%
Diageo (DGE) 3,128.00p 0.85%
FTSE 100 - Fallers
BT Group (BT.A) 192.88p -4.80%
JD Sports Fashion (JD.) 736.60p -3.03%
British Land Company (BLND) 589.20p -2.42%
Ocado Group (OCDO) 1,332.50p -2.02%
Taylor Wimpey (TW.) 166.90p -1.85%
ITV (ITV) 132.90p -1.85%
Hargreaves Lansdown (HL.) 1,764.00p -1.67%
Standard Life Aberdeen (SLA) 307.00p -1.67%
Royal Bank of Scotland Group (RBS) 212.90p -1.66%
TUI AG Reg Shs (DI) (TUI) 1,031.00p -1.62%
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