FTSE 100 movers: Tui trots higher on results; retailers under the cosh
London’s FTSE 100 was flat at 6,878.25 in afternoon trade on Thursday as investors continued to fret about how Theresa May will get her Brexit deal through parliament.
Holiday group Tui was the standout gainer as posted a 10.9% increase in full-year underlying earnings and said it expects more of the same for 2019.
In the year to 30 September, underlying earnings before interest, tax and amortisation rose to €1.15bn from €1.10bn the year before, on turnover of €19.52bn, up 6.3%.
Tui said the performance was driven by a strong showing from the holiday experiences division, with continued high demand for its portfolio of hotels and clubs, cruises and destination experiences.
The group said it expects to deliver 10% underlying EBITA growth in 2019 as growth from investments, digitalisation and efficiency, as well as its double-diversified business model help to mitigate market challenges.
Miners were on the rise as copper prices rallied amid signs of easing trade tensions between the US and China, with Anglo American and Glencore both higher.
Retailers were under the cosh, with Next and Marks & Spencer both lower following a profit warning from Bonmarche and an uninspiring trading update from Sports Direct.
Independent retail analyst Nick Bubb said the Bonmarche warning "will put the City on profit warning alert for Debenhams and Marks & Spencer".
Shore Capital said in a note: "High street retailers are facing into the perfect storm with rising costs, more cautious consumer spending patterns and the structural shift online. Consumers are now more tech savvy in the digital era.
"In our view this Christmas will be very polarised, and it will be fascinating to see which retailers and brands are in the winner’s enclosure come the end of the January reporting season, it may be a little sparse."
Elsewhere, 3i was in the red as its stock went ex-dividend.
Market Movers
FTSE 100 (UKX) 6,895.33 0.22%
FTSE 250 (MCX) 17,876.49 -0.63%
techMARK (TASX) 3,367.84 -0.26%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,200.00p 5.36%
Standard Life Aberdeen (SLA) 244.65p 4.98%
CRH (CRH) 2,074.00p 2.62%
easyJet (EZJ) 1,099.00p 2.19%
Shire Plc (SHP) 4,635.50p 2.10%
Fresnillo (FRES) 838.40p 2.07%
Just Eat (JE.) 583.60p 1.99%
Anglo American (AAL) 1,712.20p 1.95%
Evraz (EVR) 488.60p 1.75%
Glencore (GLEN) 296.55p 1.71%
FTSE 100 - Fallers
Next (NXT) 4,420.00p -3.28%
Marks & Spencer Group (MKS) 267.50p -3.25%
Mondi (MNDI) 1,644.00p -3.24%
3i Group (III) 784.20p -2.61%
Barratt Developments (BDEV) 456.00p -2.58%
DCC (DCC) 6,005.00p -1.88%
NMC Health (NMC) 3,108.00p -1.83%
RSA Insurance Group (RSA) 505.80p -1.67%
Kingfisher (KGF) 229.20p -1.46%
Royal Mail (RMG) 306.80p -1.29%