FTSE 100 movers: Burberry rallies on update; Experian drops
London's FTSE 100 was up 0.8% at 7,589.26 in afternoon trade on Tuesday as the pound took a beating amid Brexit woes.
Luxury fashion brand Burberry was the standout gainer after it reported a 4% jump in first-quarter sales - double what analysts were expecting - as it enjoyed a good response to a collection by new chief designer Riccardo Tisci and a solid performance in China.
Education publisher Pearson was in the green as it said that all future releases of its 1,500 active US titles will be published in digital format before being printed, as it focuses on lowering the cost of higher education. With the switch to "digital first", students can expect to pay less, with an average price of $40 for an e-book and $79 for a full suite of digital learning tools. Those who still want a print textbook will be able to rent one from Pearson for about $60, while students using the company's "Inclusive Access" offering will be pay even less.
Building material group CRH was on the rise as it agreed to sell off its Europe distribution business to private equity funds managed by Blackstone for €1.64bn in cash.
ITV also racked up healthy gains as Liberum upgraded its stance on the broadcaster's shares to 'buy' from 'hold'. The broker said that with the shares now 25% below its 145p price target and 40% below its discounted cash flow valuation, the correction has been too drastic, "especially as ITV's secular position is better than the market thinks".
On the downside, credit-checking firm Experian was weaker as it posted a 4% increase in first-quarter revenue thanks to a solid performance in North America, but a drop in revenue in the UK and Ireland.
Rio Tinto retreated as it said costs at its Oyu Tolgoi underground copper mine in Mongolia would blow out by up to $1.9bn with a delay of up to 30 months. The multi-national mining giant said the capital cost of the project had now risen to an estimated $6.5bn - $7.2bn from an original estimate of $5.3bn, due to its geology.
FTSE 100 - Risers
Burberry Group (BRBY) 2,246.00p 12.84%
Pearson (PSON) 890.00p 3.03%
TUI AG Reg Shs (DI) (TUI) 792.20p 2.78%
Ocado Group (OCDO) 1,176.50p 2.66%
International Consolidated Airlines Group SA (CDI) (IAG) 467.10p 2.61%
CRH (CRH) 2,703.00p 2.00%
ITV (ITV) 111.80p 1.73%
GlaxoSmithKline (GSK) 1,664.60p 1.59%
InterContinental Hotels Group (IHG) 5,557.00p 1.57%
Ashtead Group (AHT) 2,277.00p 1.56%
FTSE 100 - Fallers
Rightmove (RMV) 518.40p -2.56%
Smurfit Kappa Group (SKG) 2,600.00p -2.11%
Experian (EXPN) 2,375.00p -1.78%
Auto Trader Group (AUTO) 553.00p -1.29%
Vodafone Group (VOD) 128.60p -1.23%
Just Eat (JE.) 630.80p -1.16%
Flutter Entertainment (FLTR) 6,940.00p -1.00%
Centrica (CNA) 88.14p -0.97%
National Grid (NG.) 832.30p -0.67%
Rio Tinto (RIO) 4,837.50p -0.63%