FTSE 100 movers: Defensives gain; Burberry out of fashion
London’s FTSE 100 was down 0.4% at 7,484.80 in afternoon trade on Tuesday.
HSBC, GSK and Unilever were among the top gainers.
Russ Mould, investment director at AJ Bell, said investors were "flocking to park their money" in defensives and financials "which should benefit from rates staying higher for longer".
On the downside, Burberry was under the cosh after a downgrade to ‘sell’ from ‘neutral’ at UBS. The bank said: "We turn more cautious on BRBY…due to risks to its turnaround in the current environment."
Miners were on the back foot as commodity prices were dented by a stronger dollar. Anglo American, Antofagasta and Glencore all fell.
Utilities were also in the red, with United Utilities and Severn Trent both down. News of an explosion at one of the latter’s recycling plants after a lightning strike was likely weighing on the shares.
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 13,455.00p 1.59%
HSBC Holdings (HSBA) 648.40p 1.34%
Pearson (PSON) 868.00p 1.24%
Haleon (HLN) 341.95p 1.15%
GSK (GSK) 1,500.60p 1.12%
Unilever (ULVR) 4,064.50p 0.99%
Diageo (DGE) 3,037.00p 0.96%
Rightmove (RMV) 559.00p 0.83%
Intertek Group (ITRK) 4,115.00p 0.73%
DCC (CDI) (DCC) 4,538.00p 0.62%
FTSE 100 - Fallers
Ocado Group (OCDO) 560.40p -4.50%
United Utilities Group (UU.) 915.20p -3.72%
Burberry Group (BRBY) 1,831.00p -3.30%
JD Sports Fashion (JD.) 144.90p -2.82%
Anglo American (AAL) 2,175.00p -2.75%
Antofagasta (ANTO) 1,377.50p -2.65%
Airtel Africa (AAF) 120.70p -2.58%
Glencore (GLEN) 452.30p -2.50%
Severn Trent (SVT) 2,293.00p -2.38%
BT Group (BT.A) 112.95p -2.38%