FTSE 100 movers: Bunzl rallies but Ocado falls on stake sale

London's FTSE 100 was down 0.3% to 7,591.93 in afternoon trade on Wednesday.

Bunzl was the standout gainer a day after releasing solid first-half results and announcing its first acquisition in Norway.

Micro Focus was also on the rise after after announcing the start of a share buy-back programme with an initial tranche of up to $200m, while building materials group CRH rose as it began the second phase of its €1bn share buyback.

United Utilities was boosted as Citi said that after several years of exuberant prices, the table has turned in the face of political, regulatory and macro risks, and highlighted the stock as one of its top picks.

"While we expect a turbulent ride in the months ahead given the uncertainties of Brexit and questions over the stability of the current UK government, we cannot ignore the fact that we are starting to see fundamental value," the bank said.

GVC Holdings was also in the black as Morgan Stanley initiated coverage of the stock at 'overweight'. It said cross-selling, mobile catch-up and greater geographic diversification will keep growth above peers.

On the downside, Tesco was lower even as Shore Capital recommended buying the stock. "All in all we continue to see good work by Tesco across its network, which we believe augurs well for medium-term growth in earnings and free cash, the latter of which is expected to fund strong dividend growth and maybe the emergence of one-off or special distributions in time," said analysts Clive Black and Darren Shirley.

Elsewhere, Ocado fell on news that a Bahamas trust backed by its chief executive Tim Steiner has sold nearly £51m of shares in the grocer.

FTSE 100 - Risers

Bunzl (BNZL) 2,383.00p 2.49%
Micro Focus International (MCRO) 1,306.50p 1.91%
United Utilities Group (UU.) 732.00p 1.89%
CRH (CRH) 2,646.00p 1.50%
Experian (EXPN) 1,949.50p 1.27%
Associated British Foods (ABF) 2,308.00p 0.96%
Land Securities Group (LAND) 935.00p 0.92%
SEGRO (SGRO) 664.20p 0.91%
GVC Holdings (GVC) 1,111.00p 0.91%
Carnival (CCL) 4,683.00p 0.88%

FTSE 100 - Fallers

Tesco (TSCO) 250.50p -2.98%
Royal Mail (RMG) 465.30p -2.98%
Standard Life Aberdeen (SLA) 320.26p -2.83%
Fresnillo (FRES) 940.30p -1.83%
Anglo American (AAL) 1,599.20p -1.67%
Vodafone Group (VOD) 172.80p -1.37%
Barclays (BARC) 181.20p -1.36%
Ocado Group (OCDO) 1,056.50p -1.35%
Standard Chartered (STAN) 643.90p -1.32%
Barratt Developments (BDEV) 538.20p -1.28%