FTSE 100 movers: Ocado gains ahead of update; GVC hit by broker note
London's FTSE 100 was down 0.1% to 7,298.22 in afternoon trade on Monday as investors kept an eye on US-China trade talks.
GVC Holdings was the worst performer after Barclays cut its price target on the stock to 1,187p from 1,220p.
Broadcaster ITV was in the red following weekend reports of a potential acquisition of Endemol, the Dutch production company behind MasterChef, Big Brother and Peaky Blinders.
Neil Wilson, chief market analyst at Markets.com, said: "The circa £3bn price tag might prevent it from going after others, but this looks like a fairly aggressive move from Carolyn McCall and may signal a new acquisitive strategy."
Fashion house Burberry was down as investors got the jitters ahead of the big London fashion week debut for new chief creative officer Riccardo Tisci. Tisci will unveil his first collection for Burberry after a 17-year tenure for ex creative boss Christopher Bailey.
Going the other way, Ocado was on the rise ahead of its third-quarter trading statement on Tuesday.
Peel Hunt said it will be looking out for any new advances into the tech platform and any progress on the deals with Casino, Sobeys, ICA, or Kroger.
B&Q owner Kingfisher was up ahead of its first-half results on Wednesday. UBS expects pre-tax profit of £378m, down around 14% from the £440m reported last year.
Meanwhile, Hargreaves Lansdown said attention is more likely to be focused on the turnaround plan than current trading.
"That’s probably no bad thing for Kingfisher. Recent updates have been clouded by a dingy outlook for DIY markets on both sides of the Channel, and despite the favourable weather boosting second quarter sales, like-for-like sales during the half have slipped.
"Unfortunately, Kingfisher’s self-help measures haven’t been pulling up any trees either. Despite the fact we’re now over halfway through a 5 year turnaround plan, there’s been little to get excited about so far.
"Kingfisher’s second quarter update was disappointing, although at least the wheels are in motion for margin improvements in the under-pressure French business. Signs that can boost the bottom line will be the key focus of these results."
Defensive stocks were on the front, with utilities SSE, Centrica and United Utilities all higher.
FTSE 100 - Risers
SSE (SSE) 1,104.25p 1.87%
WPP (WPP) 1,143.50p 1.69%
Evraz (EVR) 490.60p 1.43%
Smurfit Kappa Group (SKG) 3,096.00p 1.24%
Centrica (CNA) 144.90p 1.12%
Royal Mail (RMG) 490.80p 1.09%
Ocado Group (OCDO) 924.00p 1.01%
Kingfisher (KGF) 264.70p 0.88%
Carnival (CCL) 4,745.00p 0.87%
United Utilities Group (UU.) 705.60p 0.77%
FTSE 100 - Fallers
GVC Holdings (GVC) 1,000.95p -2.91%
Ashtead Group (AHT) 2,343.00p -2.13%
Scottish Mortgage Inv Trust (SMT) 536.50p -1.63%
Burberry Group (BRBY) 2,124.00p -1.35%
Experian (EXPN) 1,919.50p -1.31%
InterContinental Hotels Group (IHG) 4,635.00p -1.30%
Glencore (GLEN) 297.65p -1.29%
ITV (ITV) 157.85p -1.22%
Intertek Group (ITRK) 4,840.00p -1.12%
AstraZeneca (AZN) 5,585.00p -1.06%