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FTSE 100 movers: Croda rallies on US peer results; Vodafone slumps
(Sharecast News) - London's FTSE 100 was down 0.2% at 7,654.30 in afternoon trade on Wednesday. Croda International rallied after better-than-expected results from US consumer care peer Ashland.
GSK gained ground as it lifted its sales outlook for the next seven years.
Chilean copper miner Antofagasta also gained as Citi reiterated its 'buy' rating on the stock and lifted its price target. "ANTO's growth narrative, driven by volume recovery in next 6-12 months, is solidified by the approval of Centinela expansion, adding another 170kt copper production over the medium term at an attractive cost profile," the bank said.
Vodafone was in the red after Iliad said it had rejected its revised offer to merge the two companies' Italian businesses.
The French telecoms firm said in December that it had submitted a proposal to merge the Italian business. It would have given Vodafone €6.6bn in cash and a €2bn shareholder loan. Meanwhile, Iliad would have received €400m in cash and a €2bn loan.
"The Iliad Group is confident that the offer presented was the best possible business combination to benefit a struggling Italian market and telecommunications industry," it said.
FTSE 100 - Risers
Croda International (CRDA) 4,813.00p 4.95% GSK (GSK) 1,601.20p 4.12% Antofagasta (ANTO) 1,750.00p 2.58% Flutter Entertainment (DI) (FLTR) 16,325.00p 1.59% Land Securities Group (LAND) 673.40p 1.42% Pearson (PSON) 976.40p 1.31% SEGRO (SGRO) 887.80p 1.28% Barratt Developments (BDEV) 540.60p 1.27% Hikma Pharmaceuticals (HIK) 1,944.00p 1.22% St James's Place (STJ) 653.20p 1.11%
FTSE 100 - Fallers
WPP (WPP) 772.80p -2.87% Marks & Spencer Group (MKS) 248.40p -2.47% Smurfit Kappa Group (CDI) (SKG) 2,940.00p -2.26% Vodafone Group (VOD) 67.32p -2.08% International Consolidated Airlines Group SA (CDI) (IAG) 147.55p -2.03% Airtel Africa (AAF) 112.20p -1.84% M&G (MNG) 225.70p -1.74% Rolls-Royce Holdings (RR.) 302.40p -1.53% Scottish Mortgage Inv Trust (SMT) 772.40p -1.48% Associated British Foods (ABF) 2,348.00p -1.39%
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