FTSE 100 movers: Burberry gains again; Johnson Matthey under the cosh
By Michele Maatouk
Date: Wednesday 17 Jul 2019
(Sharecast News) - London's FTSE 100 was down 0.4% at 7,550.39 in afternoon trade on Wednesday as investors mulled the latest UK inflation data.
Burberry was on the rise for the second day in a row following a well-received first-quarter update the day before.
On Tuesday, the company posted a 4% jump in comparable stores sales for the 13 weeks to 29 June, which was twice what analysts had been expecting, as it enjoyed a good response to a collection by new chief designer Riccardo Tisci and a solid performance in China. It also confirmed its outlook for FY 2020.
Credit-checking firm Experian saw its shares rise despite a downgrade to 'reduce' at HSBC, while Micro Focus was in the green despite a downgrade to 'sell' at Goldman Sachs, as the software company announced a new share buyback programme with an initial tranche of up to $200m.
Housebuilders Persimmon and Barratt Developments pushed higher after FTSE 250 peer Galliford Try said it expects annual pre-tax profit to be in line with the current range of analysts' expectations amid "good" housing demand. In a trading update for the year to the end of June 2019, the company said it continues to trade well and full-year pre-tax profit should be in line with market expectations of between £112.7m and £116.4m.
On the downside, Johnson Matthey retreated as the specialty chemicals group reaffirmed its full-year guidance but said that its clean air unit will see annual profits drop on the year.
Fresnillo was also weaker as the precious metals miner cut its production targets for 2019, blaming lower-than-expected grades of ore grades and delays in construction work at the Herradura gold mine in Mexico.
FTSE 100 - Risers
Imperial Brands (IMB) 2,099.50p 2.36%
Burberry Group (BRBY) 2,323.00p 2.02%
Coca-Cola HBC AG (CDI) (CCH) 2,752.00p 1.89%
Aveva Group (AVV) 4,036.00p 1.82%
Micro Focus International (MCRO) 1,707.00p 1.32%
Experian (EXPN) 2,420.00p 1.26%
Persimmon (PSN) 1,950.00p 1.11%
Ocado Group (OCDO) 1,159.00p 1.00%
Diageo (DGE) 3,453.00p 0.96%
Barratt Developments (BDEV) 631.60p 0.96%
FTSE 100 - Fallers
Johnson Matthey (JMAT) 3,232.00p -4.58%
RSA Insurance Group (RSA) 572.60p -4.09%
ITV (ITV) 107.39p -3.52%
Fresnillo (FRES) 902.60p -2.02%
BP (BP.) 532.90p -1.97%
Antofagasta (ANTO) 904.00p -1.89%
Smith (DS) (SMDS) 364.37p -1.66%
St James's Place (STJ) 1,124.00p -1.58%
Barclays (BARC) 155.94p -1.35%
Marks & Spencer Group (MKS) 205.00p -1.35%
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