FTSE 100 movers: DS Smith surges; S&N in the red
By Michele Maatouk
Date: Thursday 31 Oct 2024
(Sharecast News) - London's FTSE 100 was down 0.9% at 8,086.59 in afternoon trade on Thursday.
DS Smith surged as International Paper - the US-based company with which it has agreed to merge - jumped 13% after better-than-expected third-quarter results.
Smurfit Westrock also rose.
Energy major Shell gained as it posted a dip in third-quarter profits, weighed down by lower oil prices, although the decline was less steep than feared.
Adjusted earnings before interest, tax, depreciation and amortisation fell 5% on the second quarter, to $16.01bn, while adjusted earnings - Shell's definition of net profit - declined 4% to $6.03bn.
That was notably better than the $5.36bn expected by analysts, however.
Smith & Nephew tanked as it slashed its full-year sales guidance after weaker-than-expected trading in China.
Housebuilders Persimmon, Barratt Redrow and Taylor Wimpey all fell.
Russ Mould, investment director at AJ Bell, said: "Yesterday's relief rally after the Budget didn't last long.
"Gilt yields jumped after the market cottoned on to a big increase in government borrowing over the next five fiscal years and that extra tax income from changes announced in the Budget won't appear overnight.
"That means interest rates could stay higher for longer which is not good for housebuilders and retailers hoping for reduced pressures on household finances, hence why those sectors were in the red today."
FTSE 100 - Risers
Smith (DS) (SMDS) 543.50p 13.85%
Smurfit Westrock (DI) (SWR) 4,035.00p 6.77%
Shell (SHEL) 2,548.00p 2.31%
Coca-Cola HBC AG (CDI) (CCH) 2,726.00p 2.17%
BP (BP.) 377.50p 0.92%
British American Tobacco (BATS) 2,672.00p 0.91%
Imperial Brands (IMB) 2,322.00p 0.78%
Anglo American (AAL) 2,403.00p 0.73%
Prudential (PRU) 644.40p 0.44%
Mondi (MNDI) 1,253.50p 0.40%
FTSE 100 - Fallers
Smith & Nephew (SN.) 956.20p -12.91%
Persimmon (PSN) 1,485.00p -6.34%
Barratt Redrow (BTRW) 444.10p -5.59%
Taylor Wimpey (TW.) 148.15p -5.52%
Kingfisher (KGF) 291.80p -5.26%
Next (NXT) 9,762.00p -4.15%
B&M European Value Retail S.A. (DI) (BME) 386.00p -3.81%
Berkeley Group Holdings (The) (BKG) 4,436.00p -3.69%
Whitbread (WTB) 3,060.00p -3.62%
Vistry Group (VTY) 920.50p -3.61%
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