FTSE 100 movers: Hikma slumps on stake sale; Kingfisher rallies
London’s FTSE 100 was up 1.1% at 6,311.93 in afternoon trade on Tuesday.
B&Q owner Kingfisher was a high riser after an upgrade to ‘reduce’ at AlphaValue.
M&G was also in the black after Berenberg initiated coverage of the stock at ‘buy’ and said it was its "top pick" in UK Life.
RBS was higher after saying it has extended an account switching scheme for business customers by six months so they could to take advantage of incentives to move to other banks.
On the downside, Hikma Pharmaceuticals slid after major shareholder German pharmaceutical group Boehringer Ingelheim sold off its 16.5% stake in the company.
Boehringer sold 27.2m shares, or 11.5%, of its total 40m in a placing to institutional investors at 2,300p each, traders told Sharecast. Hikma agreed to buy back the remaining 12.8m shares at the same price - a 7.3% discount to the closing share price on Monday.
Property portal Rightmove was weaker as it said revenues would be hit further as it continues to support its agents with discounts following disruption from the Covid-19 outbreak. Revenue for the year to the end of December 2020 will reduce by a further £17m to £20m, on top of the £65m to £75m impact of the discount for the period from April to July.
Housebuilders Taylor Wimpey and Barratt Developments were both lower after downgrades to ‘neutral’ at Bank of America Merrill Lynch.
FTSE 100 - Risers
Evraz (EVR) 308.20p 7.01%
Standard Life Aberdeen (SLA) 266.40p 5.05%
Kingfisher (KGF) 226.80p 4.18%
M&G (MNG) 167.00p 3.99%
Royal Bank of Scotland Group (RBS) 125.00p 3.73%
Glencore (GLEN) 172.20p 3.61%
London Stock Exchange Group (LSE) 8,328.00p 3.45%
Lloyds Banking Group (LLOY) 32.73p 3.44%
Whitbread (WTB) 2,435.00p 3.44%
Coca-Cola HBC AG (CDI) (CCH) 2,140.00p 3.08%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,331.00p -6.01%
Rightmove (RMV) 562.80p -4.45%
Ocado Group (OCDO) 1,993.00p -2.88%
Taylor Wimpey (TW.) 146.55p -2.56%
Auto Trader Group (AUTO) 535.60p -2.26%
Barratt Developments (BDEV) 509.40p -1.55%
Tesco (TSCO) 229.60p -1.50%
Morrison (Wm) Supermarkets (MRW) 193.15p -1.25%
Land Securities Group (LAND) 597.40p -1.22%
Sainsbury (J) (SBRY) 204.50p -1.02%