FTSE 100 movers: Rolls-Royce retreats; BT top riser

London’s FTSE 100 was down 0.1% at 7,036.38 in afternoon trade on Monday.

Engine maker Rolls-Royce was on the back foot as Deutsche Bank said in a note that achieving the company's FY21 guidance "looks a bit daunting".

"In the first four months of 2021, large engine flying hours (EFH) were around 40% of 2019 levels, lower than the 43% for full-year 2020 and below the 55% target for 2021," the bank noted. It said this implies that in the next eight months, the company will need to see EFH improve to 63% of 2019, with the fourth quarter practically at more than 70%.

British Airways and Iberia parent IAG and Premier Inn owner bwere both under pressure amid worries about the impact of the Indian variant of Covid-19 on easing restrictions and the travel industry.

On the upside, BT Group was the top gainer as Numis upgraded the stock to ‘reduce’ from ‘sell’ and lifted the price target to 140p from 110p.

Precious metals miner Polymetal shone as gold prices rallied, hitting a new three-month high as worries about US inflation increased and cases of Covid-19 rose in parts of Asia.

FTSE 100 - Risers

BT Group (BT.A) 165.55p 2.38%
Sainsbury (J) (SBRY) 264.30p 2.05%
Polymetal International (POLY) 1,626.00p 1.69%
B&M European Value Retail S.A. (DI) (BME) 569.80p 1.68%
Bunzl (BNZL) 2,330.00p 1.04%
JD Sports Fashion (JD.) 901.00p 0.90%
Hikma Pharmaceuticals (HIK) 2,386.00p 0.80%
DCC (CDI) (DCC) 6,096.00p 0.76%
Avast (AVST) 448.90p 0.74%
Vodafone Group (VOD) 141.68p 0.68%

FTSE 100 - Fallers

Antofagasta (ANTO) 1,688.00p -5.09%
Rolls-Royce Holdings (RR.) 103.32p -4.01%
Standard Chartered (STAN) 495.40p -2.29%
Hargreaves Lansdown (HL.) 1,693.00p -2.25%
Weir Group (WEIR) 1,855.50p -1.88%
International Consolidated Airlines Group SA (CDI) (IAG) 193.22p -1.87%
Whitbread (WTB) 3,122.00p -1.82%
HSBC Holdings (HSBA) 441.30p -1.67%
Smiths Group (SMIN) 1,546.50p -1.62%
Glencore (GLEN) 319.35p -1.62%