London’s FTSE 100 was down 1.2% at 6,920.57 in afternoon trade on Thursday amid worries about rising inflation.
Burberry shares tumbled after the luxury fashion brand reported a decline in full-year sales and operating profits, but took the decision to reinstate its dividend on the back of strong cash generation.
BT Group retreated as the telecoms operator posted a 7% fall in revenue and a 6% fall in adjusted earnings for the year to end-March, reflecting the impact of Covid-19. It also said it was extending its full-fibre broadband network to 25m premises by the end of 2026, and would aim to fund the 5m extra premises through a joint venture.
Hargreaves Lansdown was weaker despite saying it achieved record new business in the first four months of 2021 as people invested savings amassed during the pandemic into the stock market.
Prudential was down as it said it was pushing the demerger of its Jackson US business back to the second half of 2021 and reported an increase in sales at its Asia and Africa operations.
On the upside, investment manager M&G was the standout gainer following reports that Schroders spent months earlier this year planning a potential buyout of the company.
3i Group ticked higher after well-received full-year results, while Intertek rallied after announcing the acquisition of SAI Global Assurance for AUD855mln (£470m).
FTSE 100 – Risers
M&G (MNG) 227.90p 3.59%
Scottish Mortgage Inv Trust (SMT) 1,105.00p 2.55%
3i Group (III) 1,224.00p 2.17%
Ashtead Group (AHT) 4,896.00p 1.98%
Aveva Group (AVV) 3,154.00p 1.51%
SSE (SSE) 1,468.00p 1.42%
Ocado Group (OCDO) 1,962.00p 1.13%
Pershing Square Holdings Ltd NPV (PSH) 2,525.00p 0.60%
Intertek Group (ITRK) 5,830.00p 0.38%
Spirax-Sarco Engineering (SPX) 11,820.00p 0.34%
FTSE 100 – Fallers
Burberry Group (BRBY) 1,961.00p -6.80%
BT Group (BT.A) 157.75p -6.68%
Hargreaves Lansdown (HL.) 1,670.00p -5.76%
Prudential (PRU) 1,461.00p -4.20%
Anglo American (AAL) 3,270.00p -3.85%
Rio Tinto (RIO) 6,327.00p -3.77%
BHP Group (BHP) 2,257.00p -3.73%
Antofagasta (ANTO) 1,800.00p -3.25%
Legal & General Group (LGEN) 272.90p -3.12%
Barclays (BARC) 176.00p -3.01%
