FTSE 100 movers: GVC loses ground; SSE bucks the trend
London’s FTSE 100 was down 0.4% at 6,266.72 in afternoon trade on Thursday.
Coral and Ladbrokes owner GVC Holdings slid after it reported a fall in net gaming revenue as coronavirus lockdowns forced store closures and announced the departure of chief executive Kenneth Alexander.
Russ Mould, investment director at AJ Bell, said Alexander was seen as the brains behind GVC’s rapid ascent, moving from a small betting business to a member of the FTSE 100 during his tenure.
"The company expanded through acquisitions, buying up the likes of Sportingbet and Ladbrokes, while also reducing its exposure to unregulated markets in order to make the business seem more credible to investors," he said.
"Shareholders have been made very rich as a result of GVC’s ascent up the gambling industry ladder and so they might be nervous about his successor’s ability to keep striking the right notes."
Rolls-Royce was under the cosh even as Panmure upgraded its stance on shares of the engine maker to ‘buy’ from ‘hold’.
Halma bucked the trend after Barclays, Goldman Sachs and JPMorgan lifted their price targets on the shares.
Energy company SSE rose after saying it still intended to declare a dividend in November as the impact of Covid-19 on the business remained in line with expectations during the first three months of the fiscal year.
FTSE 100 - Risers
Halma (HLMA) 2,317.00p 2.80%
SSE (SSE) 1,390.50p 1.98%
Avast (AVST) 576.50p 1.77%
Intermediate Capital Group (ICP) 1,358.00p 1.65%
Fresnillo (FRES) 1,057.50p 1.49%
WPP (WPP) 618.20p 1.28%
Antofagasta (ANTO) 1,019.00p 1.24%
Informa (INF) 438.20p 0.99%
Kingfisher (KGF) 227.70p 0.89%
Flutter Entertainment (FLTR) 11,600.00p 0.78%
FTSE 100 - Fallers
GVC Holdings (GVC) 873.60p -4.36%
Melrose Industries (MRO) 118.70p -3.10%
Rolls-Royce Holdings (RR.) 264.50p -2.83%
Burberry Group (BRBY) 1,429.50p -2.76%
Smith & Nephew (SN.) 1,621.00p -2.35%
Associated British Foods (ABF) 1,942.50p -2.24%
Whitbread (WTB) 2,362.00p -2.07%
British American Tobacco (BATS) 2,811.50p -2.06%
Coca-Cola HBC AG (CDI) (CCH) 2,074.00p -2.03%
BAE Systems (BA.) 479.90p -1.94%