FTSE 100 movers: Hargreaves shines on Barclays note; AB Foods drop on update

London's FTSE 100 was down 0.5% to 7,690.03 in afternoon trade on Thursday, succumbing to a bout of profit-taking and led lower by a stronger pound.

SSE and Micro Focus retreated as their stock went ex-dividend, while Associated British Foods fell after it reported a 3% increase in revenues in recent weeks, as strong growth from its Primark clothing retail arm was held back by a worse than expected decline in sugar.

For the first 16 weeks of its financial year to 6 January, AB Foods saw sales at constant currencies grow at four of its five limbs, but only sugar in negative territory as revenues dropped 13% due to significantly lower EU sugar prices.

Tobacco company Imperial Brands was in the red after saying it does not expect changes to the US tax system to materially impact its adjusted effective tax rate as it already benefits from "substantial" US tax amortisation of goodwill and intangibles, which contributes to a relatively low adjusted effective tax rate.

Bucking the trend, Hargreaves Lansdown was the standout gainer as Barclays reiterated its 'overweight' rating on the stock and lifted the price target to 2,100p.

"For FY18 the structural drivers of large savings and advice gaps in the UK remain strong. Fee pressures appear manageable and flows and cash yields are likely to surprise on the upside, in our opinion," it said.

Whitbread was in the black despite warning that tough UK conditions were brewing, as the group said sales rose 0.3% in the third quarter. There were also reports that activist investor Sachem Head is pushing for a breakup of the Costa coffee chain from it hotels and restaurants business.

Risers

Hargreaves Lansdown (HL.) 1,907.00p 3.64%
Whitbread (WTB) 3,971.00p 3.01%
Evraz (EVR) 381.40p 2.22%
Coca-Cola HBC AG (CDI) (CCH) 2,395.00p 1.48%
Mondi (MNDI) 1,930.50p 0.99%
Paddy Power Betfair (PPB) 8,435.00p 0.90%
International Consolidated Airlines Group SA (CDI) (IAG) 653.80p 0.90%
Glencore (GLEN) 410.05p 0.75%
Rio Tinto (RIO) 4,032.50p 0.70%
Royal Bank of Scotland Group (RBS) 296.70p 0.64%

Fallers

SSE (SSE) 1,299.50p -3.17%
Associated British Foods (ABF) 2,770.00p -3.05%
Imperial Brands (IMB) 2,989.00p -2.72%
Hammerson (HMSO) 495.60p -2.67%
Land Securities Group (LAND) 979.00p -2.65%
Burberry Group (BRBY) 1,577.00p -2.59%
Mediclinic International (MDC) 604.60p -2.33%
Randgold Resources Ltd. (RRS) 7,086.00p -2.05%
Micro Focus International (MCRO) 2,131.00p -2.02%
British Land Company (BLND) 673.60p -1.72%