FTSE 100 movers: Next retreats after results; IAG flies higher
London's FTSE 100 was up 0.6% at 7,358.75 in afternoon trade on Thursday as investors mulled the latest policy announcement from the Bank of England.
British Airways parent IAG was on the rise following news a day earlier that BA was cancelling the strikes it had planned for next week.
On the downside, Next retreated even as the fashion chain said interim profits rose 2.7% as strong online sales offset a fall in retail and the company maintained its outlook for the full year. Neil Wilson, chief market analyst at Markets.com, attributed the drop in the share price to profit taking.
"Highly cash generative still, but there has been no upgrade from the July update so a touch of profit taking going one feels. Shares dipped over 4% in early trade as investors were perhaps looking for a bit more of a positive outlook, however well they know Lord Wolfson.
"The stock is starting to test the 2018 highs around £62 and the market maybe needs a little bit extra to get it over the line and today didn’t deliver that."
Footwear and sports apparel retailer JD Sports Fashion lost ground after the Competition and Markets Authority said it could refer the proposed acquisition of rival Footasylum for a phase 2 investigation as it may hurt competition on the high street.
Broker Peel Hunt said: "It's unclear at this stage quite what the CMA is nervous about, but we have little doubt that a solution will be found and if there is any weakness I the share on the back of this, it's a buying opportunity."
FTSE 100 - Risers
Vodafone Group (VOD) 160.36p 2.66%
International Consolidated Airlines Group SA (CDI) (IAG) 461.90p 2.64%
AstraZeneca (AZN) 7,105.00p 2.27%
Lloyds Banking Group (LLOY) 54.18p 2.25%
Croda International (CRDA) 4,886.00p 1.92%
Whitbread (WTB) 4,486.00p 1.82%
Direct Line Insurance Group (DLG) 303.70p 1.71%
Royal Bank of Scotland Group (RBS) 207.80p 1.61%
Hargreaves Lansdown (HL.) 2,035.00p 1.34%
Standard Life Aberdeen (SLA) 272.90p 1.34%
FTSE 100 - Fallers
Next (NXT) 5,822.00p -5.64%
Ocado Group (OCDO) 1,285.50p -4.35%
JD Sports Fashion (JD.) 690.20p -3.12%
Fresnillo (FRES) 716.40p -2.77%
Evraz (EVR) 493.90p -1.81%
Just Eat (JE.) 667.40p -1.65%
Associated British Foods (ABF) 2,284.00p -1.25%
Marks & Spencer Group (MKS) 199.80p -1.04%
British Land Company (BLND) 556.80p -0.93%
Anglo American (AAL) 1,895.40p -0.89%