FTSE 100 movers: Standard Life Aberdeen rallies on results; Hikma drops
London's FTSE 100 was up 0.2% at 7,163.41 in afternoon trade on Wednesday as investors eyed a Commons vote later on the prospect of leaving the EU with no deal.
Standard Life Aberdeen was the standout gainer as the asset manager posted a dip in full-year pre-tax profit but a 19% rise in IFRS profit attributable to equity holders as it abandoned its co-chief executive set-up, with Martin Gilbert stepping down to leave Keith Skeoch in charge.
SLA, which was created through the merger of Aberdeen Asset Management and Standard Life, said the decision to end the co-CEO arrangement was unanimously approved by the board. As part of the changes, Gilbert will become vice chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments.
Travel operator Tui was on the front foot, having lost ground a day earlier after announcing that it was grounding its Boeing 737 MAX 8 jets following the Ethiopian Airlines crash over the weekend.
International Consolidated Airlines Group flew higher as the British Airways and Iberia parent was upgraded to 'outperform' from 'sector perform' by RBC Capital Markets after the shares underperformed the European network airlines by 20% to 25% year-to-date.
On the downside, Ladbrokes owner GVC Holdings was on the slide after German legislators agreed earlier in the week an amendment to the Interstate Treaty on Gambling.
Hikma Pharmaceuticals was weaker after saying it grew 2018 sales and profits much more than it had expected at the start of last year, but with final numbers and guidance for 2019 both a little short of upgraded market forecasts.
British American Tobacco and Imperial Brand were under pressure after the US FDA said e-cigarettes in the US will be restricted. In one of his last acts before he leaves the role, FDA Commissioner Scott Gottlieb said sales of flavoured nicotine pods would be limited to websites, vape shops and other retailers that impose age restrictions.
Also on Wednesday, BAT said its Canadian subsidiary was given creditor protection as it looks to avoid bankruptcy after a court ordered it to fork out CAD15.6bn in a class action lawsuit.
FTSE 100 - Risers
Standard Life Aberdeen (SLA) 253.20p 3.35%
TUI AG Reg Shs (DI) (TUI) 772.60p 2.03%
Auto Trader Group (AUTO) 479.80p 1.72%
BP (BP.) 544.20p 1.42%
International Consolidated Airlines Group SA (CDI) (IAG) 540.20p 1.35%
Wood Group (John) (WG.) 569.80p 1.28%
Schroders (SDR) 2,707.00p 1.20%
Compass Group (CPG) 1,731.50p 1.17%
Royal Bank of Scotland Group (RBS) 261.80p 1.16%
Glencore (GLEN) 307.50p 1.15%
FTSE 100 - Fallers
GVC Holdings (GVC) 536.50p -5.55%
Hikma Pharmaceuticals (HIK) 1,594.26p -3.70%
British American Tobacco (BATS) 2,976.00p -3.56%
United Utilities Group (UU.) 845.40p -1.86%
Paddy Power Betfair (PPB) 5,590.00p -1.67%
Imperial Brands (IMB) 2,587.00p -1.65%
Severn Trent (SVT) 2,029.00p -1.65%
NMC Health (NMC) 2,632.00p -1.50%
BAE Systems (BA.) 461.40p -1.35%
ITV (ITV) 130.95p -1.06%