FTSE 100 movers: BP rallies on petrochemicals sale; GVC in the red
By Michele Maatouk
Date: Monday 29 Jun 2020
(Sharecast News) - London's FTSE 100 was up 0.5% at 6,187.28 in afternoon trade on Monday.
BP was the top performer as it agreed to sell its petrochemicals business to chemical company Ineos for $5bn.
The oil giant said the sale, expected to complete by the end of this year, will further strengthen its balance sheet and deliver its $15bn target for agreed divestments a year earlier than originally scheduled.
BP's petrochemicals business - which comprises an aromatics division and an acetyls segment - has interests in 14 manufacturing plants in Asia, Europe and the US and in 2019 it produced 9.7m tonnes of petrochemicals.
On the downside, Ladbrokes owner GVC Holdings was the biggest loser, while Paddy Power owner Flutter Entertainment also lost ground after a parliamentary committee said in a report that the government and the gambling watchdog have an "unacceptably weak understanding" of the harm that gambling can do and how to tackle it.
FTSE 100 - Risers
BP (BP.) 314.00p 3.09%
Standard Chartered (STAN) 435.00p 2.93%
Kingfisher (KGF) 220.80p 2.84%
3i Group (III) 845.20p 2.65%
Barclays (BARC) 113.78p 2.52%
ITV (ITV) 73.52p 2.48%
Burberry Group (BRBY) 1,567.00p 2.12%
Glencore (GLEN) 169.64p 1.74%
Polymetal International (POLY) 1,576.00p 1.71%
Melrose Industries (MRO) 116.10p 1.71%
FTSE 100 - Fallers
GVC Holdings (GVC) 734.80p -3.77%
Unilever (ULVR) 4,422.00p -2.15%
Barratt Developments (BDEV) 493.00p -1.71%
Ocado Group (OCDO) 2,000.00p -1.62%
Intermediate Capital Group (ICP) 1,284.00p -1.53%
Flutter Entertainment (FLTR) 10,890.00p -1.40%
Morrison (Wm) Supermarkets (MRW) 189.25p -1.36%
Taylor Wimpey (TW.) 140.70p -1.30%
Hargreaves Lansdown (HL.) 1,640.00p -1.29%
JD Sports Fashion (JD.) 617.60p -1.28%
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