FTSE 100 movers: Renishaw, travel stocks slump
London’s FTSE 100 was down 2.3% at 6,958.11 in afternoon trade on Tuesday as worries about rising inflation battered equity markets.
In the sea of red, there were no risers to speak of, only a few stocks managing to stay afloat.
Renishaw was the standout loser following a report it is struggling to attract investor interest due to a high valuation and list of ownership demands.
The engineer put itself up for sale in March but according to Bloomberg, rival firms Hexagon, Schneider Electric and Siemens have all decided against pursuing Renishaw. People familiar with the matter said that while several competitors viewed Renishaw and its technology as attractive, they were put off by a high valuation that makes a deal prohibitively dilutive to earnings.
Stocks with exposure to the travel industry were also weaker amid ongoing disappointment over the government’s ‘green list’, which does not include popular destinations such as France, Spain or Greece. British Airways and Iberia parent IAG, GKN owner Melrose and engine maker Rolls-Royce were all down.
FTSE 100 - Risers
RSA Insurance Group (RSA) 683.80p -0.03%
Sainsbury (J) (SBRY) 255.60p -0.20%
BT Group (BT.A) 170.25p -0.35%
Antofagasta (ANTO) 1,876.50p -0.37%
Pearson (PSON) 837.60p -0.55%
London Stock Exchange Group (LSEG) 7,014.00p -0.88%
Anglo American (AAL) 3,378.00p -0.89%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,796.00p -1.13%
Fresnillo (FRES) 909.20p -1.20%
National Grid (NG.) 918.60p -1.23%
FTSE 100 - Fallers
Renishaw (RSW) 5,570.00p -7.63%
International Consolidated Airlines Group SA (CDI) (IAG) 196.00p -6.60%
Melrose Industries (MRO) 156.55p -5.98%
Rolls-Royce Holdings (RR.) 103.56p -5.58%
Flutter Entertainment (CDI) (FLTR) 13,320.00p -5.13%
Scottish Mortgage Inv Trust (SMT) 1,083.00p -4.96%
Entain (ENT) 1,545.00p -4.69%
Burberry Group (BRBY) 2,088.00p -4.66%
Compass Group (CPG) 1,535.50p -4.06%
Pershing Square Holdings Ltd NPV (PSH) 2,510.00p -4.02%