FTSE 100 movers: IAG flies higher; Whitbread hit by downgrade

London’s FTSE 100 was up 1% at 7,684.62 in afternoon trade on Friday, underpinned by a weaker pound after disappointing retail sales data.

UAE healthcare operator NMC Health was a high riser after saying it had appointed a former US federal judge and FBI director to look into allegations made against the company by US research firm Muddy Waters.

British Airways and Iberia parent IAG flew higher after ditching its rule to impose a limit on non-EU shareholders.

In February last year, IAG said it was fixing the maximum permitted ownership by non-European Union entities at 47.5% in order to keep its status as a European-owned airline. However, the company said on Friday that non-EU ownership had fallen to 39.5%. As a result, IAG has removed the cap.

Equipment rental firm Ashtead was boosted by an upgrade to ‘overweight’ at Morgan Stanley, which also bumped up US peer United Rentals.

"Our detailed new research on the branch networks and white space data centre growth prospects gives us conviction that Ashtead and United have more defensive revenue attractions than the market discounts," MS said.

Rio Tinto was on the front foot, taking part in a broader rally for the mining sector even as it reported a 3% fall in iron ore shipments in 2019 as a cyclone and a fire at a port facility disrupted operations.

On the downside, Whitbread was hit by a downgrade at Berenberg and TUI was weaker after being initiated at ‘sell’ by Goldman Sachs.

Admiral was in the red after FTSE 250 peer Hastings warned on profits and said it would cut its dividend following elevated claims costs in the fourth quarter.

FTSE 100 - Risers

NMC Health (NMC) 1,552.00p 7.67%
International Consolidated Airlines Group SA (CDI) (IAG) 673.40p 5.48%
Evraz (EVR) 414.40p 5.26%
Pearson (PSON) 592.40p 5.15%
Ashtead Group (AHT) 2,526.00p 3.99%
Rio Tinto (RIO) 4,672.50p 3.23%
BHP Group (BHP) 1,865.40p 3.06%
AstraZeneca (AZN) 7,932.00p 2.92%
Anglo American (AAL) 2,238.00p 2.87%
Hikma Pharmaceuticals (HIK) 1,959.50p 2.56%

FTSE 100 - Fallers

Whitbread (WTB) 4,481.00p -2.31%
Associated British Foods (ABF) 2,611.00p -1.88%
Kingfisher (KGF) 207.30p -1.24%
Flutter Entertainment (FLTR) 9,098.00p -0.89%
London Stock Exchange Group (LSE) 7,584.00p -0.81%
TUI AG Reg Shs (DI) (TUI) 883.80p -0.81%
Sage Group (SGE) 734.40p -0.65%
Admiral Group (ADM) 2,311.00p -0.56%
easyJet (EZJ) 1,474.50p -0.54%
Barclays (BARC) 175.98p -0.46%