FTSE 100 movers: Ocado tanks; JD Sports rallies on results
By Michele Maatouk
Date: Wednesday 22 Jun 2022
(Sharecast News) - London's FTSE 100 was down 1.4% at 7,055.05 in afternoon trade on Wednesday as investors digested the latest inflation data.
Ocado was the worst performer on the index. An article in The Telegraph suggested that the "pricey" online supermarket could be "crushed" by the likes of discounters such as Aldi and Lidl as the cost-of-living crisis intensifies.
Miners Glencore, Anglo American and Antofagasta all lost ground as copper prices fell, while oil giants BP and Shell gushed lower as oil prices slid.
On the upside, retailer JD Sports Fashion was sitting pretty at the top of the index after it said annual profits more than doubled.
Keith Bowman, investment analyst at Interactive Investor, said: "Despite several challenges including the previous loss of its CEO, global sports-fashion retailer JD Sport has delivered record profits in line with analyst expectations.
"Profit for its expanded North American business has doubled whilst digital sales helped push a strong performance for its home UK & Irish business. Its Outdoor business also returned to profit during the year, group net cash increased, and the final dividend payment has been hiked by a fifth.
"Accompanying management outlook comments also offer some reassurance, with profit for the year ahead expected to match this year's record performance. Again, that broadly equals current City estimates."
NatWest gained after the UK government said it was extending a plan to sell more of its £11.3bn stake in the bank for another year. It also benefited from an upgrade to 'buy' at Jefferies.
FTSE 100 - Risers
JD Sports Fashion (JD.) 112.20p 5.06%
NATWEST GROUP PLC ORD 100P (NWG) 228.70p 3.34%
Centrica (CNA) 81.82p 2.43%
Admiral Group (ADM) 2,143.00p 1.90%
Intertek Group (ITRK) 4,262.00p 1.33%
London Stock Exchange Group (LSEG) 7,234.00p 0.95%
Rentokil Initial (RTO) 447.90p 0.65%
GSK (GSK) 1,701.60p 0.59%
Lloyds Banking Group (LLOY) 43.69p 0.55%
AstraZeneca (AZN) 10,178.00p 0.49%
FTSE 100 - Fallers
Ocado Group (OCDO) 794.60p -7.13%
Rolls-Royce Holdings (RR.) 85.25p -6.83%
Glencore (GLEN) 456.00p -5.51%
Prudential (PRU) 938.80p -3.81%
Anglo American (AAL) 3,247.00p -3.76%
Antofagasta (ANTO) 1,279.50p -3.76%
Melrose Industries (MRO) 150.45p -3.71%
Burberry Group (BRBY) 1,579.50p -3.54%
Shell (SHEL) 2,075.50p -3.51%
BP (BP.) 382.15p -3.34%
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