FTSE 100 movers: Entain tumbles as MGM Resorts walks away; HSBC gains

London’s FTSE 100 was flat at 6,718.09 in afternoon trade on Tuesday.

HSBC was among the top risers after chairman Mark Tucker said at the Asian Financial Forum on Monday that the bank hopes to resume paying dividends as soon as possible.

Going the other way, Entain shares tumbled after MGM Resorts International said it won’t go ahead with an offer for the Ladbrokes owner, after its initial approach was rejected.

MGM said in a brief statement that "after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM's rejected all stock proposal at an exchange ratio of 0.6x, it does not intend to submit a revised proposal and it will not make a firm offer for Entain".

Entain - formerly GVC - announced earlier this month that it had rejected a proposed offer from its US partner valuing the company at about £8.1bn. MGM had proposed paying 0.6 MGM share for each Entain share.

But the bid was rejected on the basis that it "significantly undervalues" the company.

FTSE 100 - Risers

Smith & Nephew (SN.) 1,626.50p 3.63%
Hargreaves Lansdown (HL.) 1,587.00p 1.93%
InterContinental Hotels Group (IHG) 4,873.00p 1.78%
HSBC Holdings (HSBA) 409.15p 1.53%
DCC (DCC) 5,792.00p 1.22%
CRH (CRH) 3,294.00p 1.14%
Pearson (PSON) 674.00p 1.11%
Diageo (DGE) 2,926.00p 0.98%
Aveva Group (AVV) 3,808.00p 0.90%
Prudential (PRU) 1,432.00p 0.77%

FTSE 100 - Fallers

Entain (ENT) 1,216.50p -13.94%
Standard Chartered (STAN) 472.50p -3.75%
Barclays (BARC) 146.00p -3.52%
WPP (WPP) 790.80p -3.42%
NATWEST GROUP PLC ORD 100P (NWG) 156.70p -2.52%
Kingfisher (KGF) 262.20p -2.42%
Anglo American (AAL) 2,615.00p -2.24%
Legal & General Group (LGEN) 266.70p -2.20%
Informa (INF) 522.40p -2.17%
Next (NXT) 7,928.00p -2.12%