FTSE 100 movers: Carnival cruises higher; Ocado in the red
London’s FTSE 100 was up 3.3% at 5,763.97 in afternoon trade on Tuesday, with stocks that have taken a beating of late on the back of the coronavirus pandemic among the top gainers.
Cruiser operator Carnival, budget airline easyJet, British Airways parent IAG and InterContinental Hotels were all sharply higher.
Chris Beauchamp, chief market analyst at IG, said: "Actual good news is still thin on the ground, but brave investors are moving back into these names on the assumption that they actually survive the crisis, rather than go under entirely. Those assumptions are heavily dependent on the UK (and others) recovery path, but at least a way out of the crisis is now conceivable."
On the downside, Ocado was the worst performer on the index as Sky News reported that the Institutional Shareholder Services (ISS) has recommended that investors vote against the company’s remuneration report at its annual meeting in May after co-founder and chief executive Tim Steiner received a package worth nearly £59m last year.
AstraZeneca was also on the back foot. A trader pointed out that "stocks that did well on the downside will not be bought up on the upside".
FTSE 100 - Risers
Carnival (CCL) 910.00p 27.09%
easyJet (EZJ) 661.60p 19.77%
Rolls-Royce Holdings (RR.) 350.10p 17.60%
ITV (ITV) 68.28p 16.40%
M&G (MNG) 136.15p 15.58%
InterContinental Hotels Group (IHG) 3,644.00p 14.77%
Legal & General Group (LGEN) 212.90p 14.28%
Barclays (BARC) 98.56p 13.86%
International Consolidated Airlines Group SA (CDI) (IAG) 255.60p 12.90%
Next (NXT) 4,258.00p 12.73%
FTSE 100 - Fallers
Ocado Group (OCDO) 1,344.50p -3.20%
Hikma Pharmaceuticals (HIK) 2,274.00p -3.15%
AstraZeneca (AZN) 7,014.00p -2.37%
Reckitt Benckiser Group (RB.) 6,118.00p -0.68%
NMC Health (NMC) 938.40p 0.00%
Halma (HLMA) 1,854.00p 0.30%
National Grid (NG.) 869.60p 0.42%
British American Tobacco (BATS) 2,977.00p 0.51%
Experian (EXPN) 2,189.00p 0.55%
Morrison (Wm) Supermarkets (MRW) 183.50p 0.60%