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31 Jul, 2020 16:04

FTSE 100 movers: IAG flies lower on results; LSE gains

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Aviones British Airways-/PA Wire/dpa - Archivo

London’s FTSE 100 was down 1.2% at 5,919.58 in afternoon trade on Friday.

British Airways and Iberia parent IAG flew lower after it posted a second-quarter operating loss before exceptional items of €1.36bn as the Covid-19 pandemic led to a 95.3% drop in passenger capacity. It also said it will tap financial markets for €2.75bn in fresh equity.

BT was in the red after it reported a 13% decline in first-quarter profit as revenue was dented by the pandemic. In the three months to the end of June, reported pre-tax profit fell to £561m as revenue dropped 7% to £5.2bn, "primarily due to the impact of Covid-19", including reduced BT Sport revenue and a reduction in business activity in its enterprise units.

Inspection, product testing and certification company Intertek lost ground after it said first-half profit fell as it took a hit from the pandemic, and announced an exclusive partnership with Bangladeshi textile and garment company BEXIMCO to meet the growing demand for PPE. Pre-tax profit during the half fell 33% from the same period a year ago to £151.5m, with revenue down 7.8% to £1.3bn. Like-for-like revenue was down 7.9% to £1.3bn.

On the upside, British Land and Land Securities were the top gainers, while LSE rallied after hiking its interim dividend following a better-than-expected half.

FTSE 100 - Risers

British Land Company (BLND) 374.50p 4.76%
Land Securities Group (LAND) 581.60p 4.08%
RSA Insurance Group (RSA) 435.60p 3.71%
3i Group (III) 898.60p 3.48%
Avast (AVST) 576.00p 3.13%
London Stock Exchange Group (LSE) 8,588.00p 2.90%
Smurfit Kappa Group (SKG) 2,624.00p 2.58%
Lloyds Banking Group (LLOY) 26.86p 2.50%
Hargreaves Lansdown (HL.) 1,757.00p 2.36%
St James's Place (STJ) 956.60p 2.24%

FTSE 100 - Fallers

International Consolidated Airlines Group SA (CDI) (IAG) 167.80p -7.32%
BT Group (BT.A) 102.00p -5.42%
Intertek Group (ITRK) 5,378.00p -4.34%
Rentokil Initial (RTO) 537.60p -3.59%
ITV (ITV) 57.26p -2.98%
Imperial Brands (IMB) 1,310.00p -2.31%
GVC Holdings (GVC) 669.00p -2.05%
Informa (INF) 374.10p -1.91%
BAE Systems (BA.) 495.50p -1.88%
Whitbread (WTB) 2,246.00p -1.75%

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Important Legal Notice about News Sources

 

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.