FTSE 100 movers: IAG flies lower; supermarkets rally
London’s FTSE 100 was down 0.5% at 6,263.64 in afternoon trade on Monday.
British Airways and Iberia parent IAG was the worst performer on the index following reports the company could be looking to raise up to £1.5bn of fresh cash.
Miner Glencore lost ground after saying late on Friday that it was facing a Swiss probe over alleged corruption in Congo.
Retailer JD Sports Fashion was in the red after confirming it had filed a notice of intention to appoint administrators for its camping unit Go Outdoors as it considered a number of "strategic options" for the chain.
Supermarket stocks were the top gainers, with Ocado, Morrisons, Sainsbury’s and Tesco all firmly in the black.
Avast was also a high riser after Goldman Sachs initiated coverage of the cybersecurity firm at ‘buy’ with a 600p price target. GS said Avast was set to benefit from increasing work from home trends in a heightened cyber risk environment.
"With a geographically diversified user base of 435 million+, we believe the market under-appreciates Avast’s opportunity for earnings growth, further augmented by up-selling/cross-selling product adjacencies such as privacy and Internet of Things, which we expect to drive a 7% revenue compound annual growth and 10% free cash CAGR for Avast."
Precious metals miner Fresnillo shone as gold prices hit a one-month high.
FTSE 100 - Risers
Ocado Group (OCDO) 2,038.00p 4.30%
Morrison (Wm) Supermarkets (MRW) 197.20p 3.57%
Sainsbury (J) (SBRY) 206.70p 3.20%
Avast (AVST) 522.50p 3.06%
Kingfisher (KGF) 215.20p 3.02%
BT Group (BT.A) 121.80p 2.74%
Tesco (TSCO) 233.20p 2.55%
Fresnillo (FRES) 799.80p 2.54%
Homeserve (HSV) 1,299.00p 2.53%
Berkeley Group Holdings (The) (BKG) 4,412.00p 2.51%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 256.60p -5.49%
Evraz (EVR) 283.20p -3.93%
Glencore (GLEN) 165.46p -3.79%
Rolls-Royce Holdings (RR.) 322.80p -3.41%
JD Sports Fashion (JD.) 626.40p -3.18%
Diageo (DGE) 2,813.50p -2.98%
Associated British Foods (ABF) 1,946.00p -2.85%
InterContinental Hotels Group (IHG) 3,883.00p -2.80%
3i Group (III) 820.80p -2.77%
HSBC Holdings (HSBA) 382.40p -2.30%