FTSE 100 movers: IAG flies lower; ICG rallies on results

London’s FTSE 100 was down 1.6% at 6,316.52 in afternoon trade on Tuesday.

British Airways parent IAG flew lower following a report it has managed to cut the price of its acquisition of Spanish airline Air Europa to between €300m and €400m. The deal for the low-cost carrier was originally slated at €1bn last year, but has been delayed due to the coronavirus pandemic.

Credit-checking firm Experian was also down after it posted a decline in first-half profits despite organic sales growth in the Americas, as the pandemic hammered other regions.

On the upside, Intermediate Capital was the standout gainer as it posted a sharp rise in first-half profits amid strong demand for its funds and a recovery in portfolio valuations across the period.

Imperial Brands shares jumped after it reported a rise in annual sales, driven by a demand for tobacco which offset a drop in its e-cigarette business, and forecast profit growth in 2021.

Homeserve was also up after saying it expects to deliver group profit before tax and appreciation for FY21 slightly ahead of current consensus estimates.

Sainsbury’s advanced after confirming it had received "some very preliminary expressions of interest" in its banking unit.

Responding to recent media speculation over a possible sale of Sainsbury’s Bank, the company issued a brief statement in which it cautioned that the expressions of interest do not mean anything will come of the discussions.

FTSE 100 - Risers

Intermediate Capital Group (ICP) 1,667.00p 6.45%
Imperial Brands (IMB) 1,484.50p 5.85%
Taylor Wimpey (TW.) 157.40p 4.72%
Barratt Developments (BDEV) 652.20p 2.84%
Homeserve (HSV) 1,257.00p 1.62%
Hargreaves Lansdown (HL.) 1,608.00p 1.58%
Berkeley Group Holdings (The) (BKG) 4,802.00p 1.39%
Ocado Group (OCDO) 2,218.00p 1.32%
Sainsbury (J) (SBRY) 211.70p 1.10%
BAE Systems (BA.) 490.50p 0.76%

FTSE 100 - Fallers

London Stock Exchange Group (LSE) 7,862.00p -4.86%
International Consolidated Airlines Group SA (CDI) (IAG) 151.90p -4.31%
HSBC Holdings (HSBA) 373.25p -4.00%
Hikma Pharmaceuticals (HIK) 2,543.00p -3.82%
AstraZeneca (AZN) 8,256.00p -3.36%
JD Sports Fashion (JD.) 784.80p -3.30%
Antofagasta (ANTO) 1,119.00p -3.24%
Smiths Group (SMIN) 1,524.00p -3.21%
Experian (EXPN) 2,904.00p -3.04%
GlaxoSmithKline (GSK) 1,400.00p -2.93%