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FTSE 100 movers: Polymetal shines; Avast slumps on CMA probe
(Sharecast News) - London's FTSE 100 was up 1.5% at 7,283.22 in afternoon trade on Wednesday. Anglo-Russian precious metals miner Polymetal was the top performer on the index.
Asia-focused bank Standard Chartered was among the gainers as worries about China eased after the government pledged support to keep financial markets stable.
British Airways and Iberia owner IAG was also a high riser.
On the downside, cybersecurity software firm Avast tumbled after the UK's Competition and Markets Authority said its acquisition by US rival NortonLifeLock raises competition concerns and the deal could be referred for an in-depth probe if the concerns are not addressed.
Victoria Scholar, head of investment at Interactive Investor, said: "The regulator's involvement creates a spanner in the works for the $8.6 bn acquisition of Avast by NortonLifeLock.
"There are concerns that the tie-up would diminish competition, resulting in potentially less choice and higher prices for cyber security software among British customers. Given the backdrop of tensions between Russia and Ukraine and fears of cyber warfare, cyber security products are more important than ever, potentially contributing to this aggressive response from the CMA, which both sides will be keen to respond to in a way that will breathe life back into the deal."
FTSE 100 - Risers
Polymetal International (POLY) 143.00p 10.17% Coca-Cola HBC AG (CDI) (CCH) 1,728.50p 8.20% Scottish Mortgage Inv Trust (SMT) 950.60p 8.17% Intermediate Capital Group (ICP) 1,695.50p 6.37% Antofagasta (ANTO) 1,627.00p 6.27% Burberry Group (BRBY) 1,690.00p 6.19% Mondi (MNDI) 1,514.00p 6.10% JD Sports Fashion (JD.) 150.05p 5.86% Standard Chartered (STAN) 498.50p 5.73% International Consolidated Airlines Group SA (CDI) (IAG) 145.66p 5.28%
FTSE 100 - Fallers
Avast (AVST) 560.60p -13.14% BAE Systems (BA.) 700.80p -4.31% National Grid (NG.) 1,125.00p -2.63% Pearson (PSON) 813.20p -1.64% Shell (SHEL) 1,908.50p -1.62% United Utilities Group (UU.) 1,066.00p -1.62% Severn Trent (SVT) 2,880.00p -1.30% SSE (SSE) 1,665.00p -0.72% British American Tobacco (BATS) 3,076.50p -0.32% Imperial Brands (IMB) 1,553.50p -0.29%
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