FTSE 100 movers: Bunzl slumps as revenue growth slows; Segro slips

London's FTSE 100 was up 0.1% at 7,474.22 in afternoon trade on Wednesday as investors mulled over the latest UK inflation data.

Distribution and outsourcing group Bunzl was under the cosh as it said underlying revenue growth slowed in the first quarter, mostly due to its North America operations, as it announced the recent acquisition of Netherlands-based distributor Coolpack.

Bunzl said the rate of underlying revenue growth slowed during Q1 due to mixed macroeconomic and market conditions across the countries in which it operates. In particular, its North American business saw slower underlying growth of around 1% as a result of slightly lower sales to customers in the grocery and retail sectors, mostly due to the lack of both volume growth and product price inflation.

Russ Mould, investment director at AJ Bell, said: "Markets have been right to worry about a global economic slowdown if you look at Bunzl’s gloomy update.

"The fact that underlying revenue growth during its first quarter seems to have slowed in all markets is a major alarm bell. The big question is whether life is getting to get even tougher in its second quarter."

BHP was in the red as it cut iron ore output forecasts, reflecting the impact of tropical cyclone Veronica in Western Australia, which also hit production at sector peer Rio Tinto, which was also trading lower.

Traders also pointed to news that Brazil's Vale is set to reopen its Brucutu mine operations within the next 72 hours.

Segro lost ground as the property investment and development company said it had secured £21.2m of new headline rent in the first quarter, down from £27.3m in the first quarter of 2018.

FTSE 100 - Risers

Glencore (GLEN) 343.10p 2.72%
TUI AG Reg Shs (DI) (TUI) 836.00p 2.50%
ITV (ITV) 137.50p 2.50%
International Consolidated Airlines Group SA (CDI) (IAG) 565.20p 2.21%
Aviva (AV.) 434.80p 1.99%
WPP (WPP) 926.00p 1.80%
Ashtead Group (AHT) 2,143.00p 1.76%
Antofagasta (ANTO) 1,020.00p 1.75%
Johnson Matthey (JMAT) 3,459.00p 1.74%
Carnival (CCL) 4,115.00p 1.71%

FTSE 100 - Fallers

Bunzl (BNZL) 2,295.00p -10.04%
Mondi (MNDI) 1,703.50p -3.16%
Auto Trader Group (AUTO) 542.40p -2.69%
Rio Tinto (RIO) 4,554.50p -2.53%
BHP Group (BHP) 1,869.60p -2.09%
British Land Company (BLND) 596.60p -2.04%
Severn Trent (SVT) 1,940.00p -1.75%
AstraZeneca (AZN) 5,910.00p -1.75%
Land Securities Group (LAND) 917.00p -1.74%
SEGRO (SGRO) 670.00p -1.73%