FTSE 100 movers: Evraz rallies; M&G goes ex-div
London’s FTSE 100 was up 0.3% at 5,612.61 in afternoon trade on Thursday.
Russian steelmaker Evraz rallied even as it said that domestic steel demand is expected to fall in the near term due to the "significant economic downturn" caused by Covid-19 restrictions across the world.
"This will, no doubt, affect firstly our construction products sales and then our railway products sales, to a slightly lesser extent," it said. However, the impact on exports is expected to be less significant due to the recent devaluation of the rouble and the company’s ability to redirect steel from domestic sales to export markets.
Barratt Developments was higher as the housebuilder announced a 20% pay cut for its board and senior managers and said it was furloughing about 85% of its employees.
Pest control company Rentokil was up as it posted a rise in first-quarter revenue but said the impact of the coronavirus crisis in the second quarter is set to be greater in the last two weeks of March as more countries were locked down.
Rentokil - which cancelled its dividend and withdrew 2020 guidance las month as a result of the pandemic - said it made a good start to the year, with group ongoing revenue up 7.2% to £630.5m and ongoing operating profit growing "slightly ahead" of revenue in the three months to 31 March 2020.
M&G and St James’s Place retreated as their stock went ex-dividend.
FTSE 100 - Risers
Evraz (EVR) 254.50p 9.37%
Barratt Developments (BDEV) 459.40p 6.02%
Ocado Group (OCDO) 1,634.00p 5.93%
Rentokil Initial (RTO) 414.30p 5.55%
Auto Trader Group (AUTO) 423.30p 5.06%
Carnival (CCL) 897.40p 5.01%
Polymetal International (POLY) 1,583.50p 4.83%
Smurfit Kappa Group (SKG) 2,262.00p 4.63%
Centrica (CNA) 32.83p 4.16%
Experian (EXPN) 2,301.00p 3.98%
FTSE 100 - Fallers
M&G (MNG) 129.55p -11.27%
St James's Place (STJ) 756.20p -4.35%
Pearson (PSON) 491.40p -2.85%
RSA Insurance Group (RSA) 349.00p -2.79%
Land Securities Group (LAND) 604.80p -2.61%
Royal Dutch Shell 'B' (RDSB) 1,282.00p -2.57%
BP (BP.) 292.70p -2.34%
Smiths Group (SMIN) 1,141.50p -2.23%
Royal Dutch Shell 'A' (RDSA) 1,318.20p -2.07%
British Land Company (BLND) 372.20p -1.82%