London’s FTSE 100 was down 0.3% at 7,522.98 in afternoon trade on Tuesday.
Property investment and development company Segro was under the cosh after a downgrade by Kepler Cheuvreux.
Cybersecurity firm Avast was also weaker after saying it expects annual revenue to slow and margins to be squeezed amid a “challenging global backdrop”.
Premier Inn owner Whitbread and Iberia and BA owner IAG were among the top performers on the index.
M&G also gained after HSBC upgraded shares of the asset manager to ‘buy’ from ‘hold’.
“We see M&G offering very attractive total capital return yields at an average of 20% per annum over 2022-24, which correspond to the group returning circa 60% of its market cap to shareholders over three years,” HSBC said.
“Although we expect limited growth in nominal operating earnings and capital generation, our forecast share buybacks mean that on a per share basis we see high-single digit compound annual growth rates in these metrics and dividend per share over the medium term.”
FTSE 100 – Risers
Whitbread (WTB) 2,926.00p 3.87%
BAE Systems (BA.) 766.00p 3.51%
International Consolidated Airlines Group SA (CDI) (IAG) 148.78p 3.35%
BP (BP.) 403.55p 3.06%
M&G (MNG) 220.50p 2.94%
BT Group (BT.A) 182.00p 2.62%
B&M European Value Retail S.A. (DI) (BME) 501.20p 2.24%
Sainsbury (J) (SBRY) 238.30p 2.14%
Standard Chartered (STAN) 561.60p 1.78%
Barclays (BARC) 150.62p 1.63%
FTSE 100 – Fallers
SEGRO (SGRO) 1,225.50p -8.72%
Croda International (CRDA) 7,326.00p -6.13%
Howden Joinery Group (HWDN) 726.60p -4.57%
Dechra Pharmaceuticals (DPH) 3,494.00p -3.96%
Entain (ENT) 1,464.00p -3.59%
Spirax-Sarco Engineering (SPX) 11,730.00p -3.46%
Glencore (GLEN) 480.75p -3.33%
Avast (AVST) 545.60p -3.26%
Ocado Group (OCDO) 896.40p -2.99%
Land Securities Group (LAND) 731.20p -2.84%
