FTSE 100 movers: Compass slides on fundraising; IAG flies higher
London’s FTSE 100 was down 0.8% at 5,997.80 in afternoon trade on Tuesday.
Catering group Compass slid after saying it was raising £2bn of equity from investors to strengthen its finances after the Covid-19 shutdown caused revenue to almost halve in April.
Tobacco giant Imperial Brands was under the cosh after it slashed its dividend by a third as it tried to speed up debt reduction and strengthen its balance sheet, although it did not cite the coronavirus as a reason. The interim dividend was cut to 41.7p a share from 62.56p a year ago, implying an annual payout of 137.7p. Adjusted operating profit fell 7.7% to £1.47bn.
Chilean copper miner Antofagasta retreated after saying it has cut its 2019 final dividend in light of the pandemic and the measures taken to slow its spread.
The company said it now plans to pay out 7.1 cents a share - or a total of $70m - down 16.3 cents per share from the previous recommendation. The total dividend payment for 2019 will be 17.8 cents a share, amounting to $175.5m and equal to a 35% payout of net earnings, in-line with Antofagasta's dividend policy.
Going the other way, British Airways and Iberia parent IAG flew higher amid optimism over the easing of lockdown and travel restrictions, and as investors pinned their hopes on a Covid-19 vaccine.
DCC rallied after the marketing and support services company increased its final dividend as it reported a rise in annual profit and "robust" trading in April and May.
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 196.15p 4.25%
M&G (MNG) 122.05p 3.65%
Standard Life Aberdeen (SLA) 227.90p 2.84%
DCC (DCC) 6,130.00p 2.44%
JD Sports Fashion (JD.) 557.60p 2.24%
3i Group (III) 825.40p 1.85%
Meggitt (MGGT) 274.80p 1.74%
Intertek Group (ITRK) 4,783.00p 1.66%
Auto Trader Group (AUTO) 506.40p 1.28%
Vodafone Group (VOD) 127.52p 1.21%
FTSE 100 - Fallers
Compass Group (CPG) 1,053.50p -8.67%
Imperial Brands (IMB) 1,536.00p -7.08%
Centrica (CNA) 37.08p -5.79%
SSE (SSE) 1,225.50p -4.63%
Antofagasta (ANTO) 816.80p -4.51%
Carnival (CCL) 970.00p -4.43%
Next (NXT) 4,407.00p -4.17%
Rolls-Royce Holdings (RR.) 261.50p -3.93%
Reckitt Benckiser Group (RB.) 6,970.00p -3.06%
Persimmon (PSN) 2,144.00p -2.94%