London’s FTSE 100 was down 0.5% at 7,133.02 in afternoon trade on Tuesday.
British Land and Land Securities were both weaker after a downgrade by Jefferies.
The bank said both companies’ cost of doing business is rising, with earnings dependency on shops and decarbonising costs. “We have downsized our dividend forecasts to boost earnings retentions and both stocks are demoted to hold (buy) on reduced price targets.”
On the upside, Entain was a high riser for the second day in a row after Deutsche Bank on Monday upped its price target on the buy-rated shares to 2,108p from 2,090p.
Tesco was in the black after well-received updates from both Ocado and Sainsbury’s.
British Airways and Iberia owner IAG flew higher after Germany relaxed restrictions for travellers from the UK and other countries.
AstraZeneca gained after the European Commission cleared its proposed $39bn acquisition of US drug developer Alexion.
This follows clearance in the US, Japan and other countries globally, although regulatory clearance in the UK is pending and remains a requirement to complete the deal.
FTSE 100 – Risers
Entain (ENT) 1,892.50p 1.99%
Tesco (TSCO) 235.30p 1.64%
International Consolidated Airlines Group SA (CDI) (IAG) 192.08p 1.64%
United Utilities Group (UU.) 1,012.00p 1.20%
AstraZeneca (AZN) 8,775.00p 1.12%
Aveva Group (AVV) 3,872.00p 0.96%
Rightmove (RMV) 659.60p 0.89%
Polymetal International (POLY) 1,594.00p 0.79%
Ferguson (FERG) 10,285.00p 0.78%
Berkeley Group Holdings (The) (BKG) 4,767.00p 0.72%
FTSE 100 – Fallers
British Land Company (BLND) 504.80p -3.33%
Land Securities Group (LAND) 683.80p -2.95%
Evraz (EVR) 595.00p -2.65%
Barclays (BARC) 173.98p -2.09%
Antofagasta (ANTO) 1,441.00p -2.07%
St James’s Place (STJ) 1,510.00p -2.01%
Melrose Industries (MRO) 159.45p -1.94%
Associated British Foods (ABF) 2,286.00p -1.93%
ITV (ITV) 126.65p -1.78%
Intermediate Capital Group (ICP) 2,172.00p -1.45%
