FTSE 100 movers: Coca-Cola HBC recovers; EasyJet flies lower
London's FTSE 100 was up 0.4% at 7,336.19 in afternoon trade on Tuesday, off earlier highs but still in the green as investors welcomed an easing of US sanctions against China's Huawei.
Bottling company Coca-Cola HBC was the standout gainer, recovering from heavy losses in the previous session after Coca-Cola Co. said it was keeping its majority stake in Coca-Cola Beverages Africa for "the foreseeable future." It had previously announced its intention to refranchise the business, which is the largest bottler of Coca-Cola beverages in Africa.
On the downside, Rolls-Royce was the biggest loser as the company began selling its $47,000 portable champagne cooler. The Champagne Chest comes with a couple of coolers made from black anodised aluminium and carbon fibre.
Budget airline EasyJet flew lower as Barclays cut its price target on the underweight-rated stock to 1,100p from 1,130p and downgraded its FY19 estimates by around 4% following first-half results.
"With H1 results, EasyJet avoided another material downgrade, although still a further trimming of estimates (circa 4% on our numbers), with the demand environment still proving to be challenging and uncertain in the UK, whilst the environment remains competitive in Germany," it said.
British Airways and Iberia parent IAG was also on the back foot.
Paddy Power Betfair retreated as Goldman Sachs said the company's US opportunity was "significant but priced in" and stuck with a 'neutral' rating.
FTSE 100 - Risers
Coca-Cola HBC AG (CDI) (CCH) 2,779.00p 4.00%
Sainsbury (J) (SBRY) 204.40p 3.34%
Sage Group (SGE) 758.00p 2.63%
Micro Focus International (MCRO) 1,943.20p 2.01%
Antofagasta (ANTO) 844.20p 1.83%
Standard Chartered (STAN) 689.20p 1.80%
Standard Life Aberdeen (SLA) 264.30p 1.77%
Ocado Group (OCDO) 1,258.00p 1.66%
Experian (EXPN) 2,336.00p 1.52%
Auto Trader Group (AUTO) 588.20p 1.48%
FTSE 100 - Fallers
Rolls-Royce Holdings (RR.) 923.40p -1.89%
International Consolidated Airlines Group SA (CDI) (IAG) 493.60p -1.75%
Pearson (PSON) 787.80p -1.60%
Paddy Power Betfair (PPB) 5,730.00p -1.44%
Rio Tinto (RIO) 4,614.00p -1.34%
easyJet (EZJ) 980.20p -0.99%
Fresnillo (FRES) 730.40p -0.92%
ITV (ITV) 111.55p -0.89%
Croda International (CRDA) 5,060.00p -0.69%
Admiral Group (ADM) 2,052.00p -0.58%