London’s FTSE 100 was down 0.7% at 7,099.10 in afternoon trade on Wednesday.
Housebuilders were in the red, with Persimmon, Taylor Wimpey and Barratt all down.
B&M European Value Retail surged after the discount retailer said it expects interim core earnings to be ahead of analysts’ forecasts on the back of stronger gross margins. The owner of convenience retail stores said adjusted earnings before interest, taxes, depreciation and amortisation for the six months to September 25 would be in a range of £275m – £285m.
Consensus is currently around £235m, the company said in a short trading statement, adding that group revenue to date had been broadly in line with market expectations, and that gross margins in B&M fascia stores in the UK have been stronger than originally anticipated.
Smiths Group gained after agreeing to sell is medical business to US-based ICU Medical for $2.4bn, withdrawing its support for a rival $2bn offer from TA Associates agreed last month.
More broadly, travel-related stocks were up, with Premier Inn owner Whitbread, British Airways parent IAG, engine maker Rolls-Royce and InterContinental Hotels all up.
FTSE 100 – Risers
B&M European Value Retail S.A. (DI) (BME) 578.00p 6.92%
Smiths Group (SMIN) 1,474.00p 3.62%
Whitbread (WTB) 3,347.00p 2.67%
International Consolidated Airlines Group SA (CDI) (IAG) 158.26p 2.20%
Rolls-Royce Holdings (RR.) 112.88p 1.80%
InterContinental Hotels Group (IHG) 4,631.00p 1.49%
National Grid (NG.) 941.60p 1.19%
BP (BP.) 301.90p 1.17%
Severn Trent (SVT) 2,831.00p 0.89%
Compass Group (CPG) 1,489.50p 0.78%
FTSE 100 – Fallers
Persimmon (PSN) 2,747.00p -2.97%
Taylor Wimpey (TW.) 170.85p -2.95%
Smurfit Kappa Group (CDI) (SKG) 4,189.00p -2.69%
Smith (DS) (SMDS) 450.40p -2.57%
Hikma Pharmaceuticals (HIK) 2,511.00p -2.52%
Mondi (MNDI) 2,011.00p -2.52%
Land Securities Group (LAND) 717.00p -2.29%
Royal Mail (RMG) 485.20p -2.08%
Barratt Developments (BDEV) 694.20p -2.03%
Bunzl (BNZL) 2,565.00p -2.02%
