FTSE 100 movers: BHP builds gains; travel stocks retreat

by | Aug 17, 2021

London’s FTSE 100 was 0.4% firmer at 7,183.88 in afternoon trade on Tuesday.
BHP surged to the top of the index after agreeing to sell its petroleum business to Australia’s Woodside Petroleum and posting a 42% jump in full-year net profit.

Russ Mould, investment director at AJ Bell, said the market is “clearly excited” about BHP’s move to sell the petroleum business. “While investors are set to get shares in the combined venture rather than an immediate cash payout, this will give them the option of selling the shares should they choose and realising value that way,” he said.

“BHP has a clear strategy now of focusing on future-proofed commodities which are part of the transition away from fossil fuels or in other words being part of the solution rather than part of the problem and it’s an approach which is winning favour from the market.

“CEO Mike Henry is to be commended for the speed at which he is executing the plan having started just before the global pandemic hit.”

Food delivery giant Just Eat Takeaway.com gained after it posted a better-than-expected operating loss of €190m as it continued to invest in its businesses and said it had “reached the peak of absolute losses”.

Travel stocks were under the cosh again amid worries about the Delta variant, with Premier Inn owner Whitbread, British Airways and Iberia parent IAG and InterContinental Hotels all weaker.

FTSE 100 – Risers

BHP Group (BHP) 2,404.50p 5.44%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,312.00p 2.90%
Fresnillo (FRES) 831.40p 2.36%
Hikma Pharmaceuticals (HIK) 2,576.00p 2.14%
Rentokil Initial (RTO) 571.80p 2.03%
Tesco (TSCO) 245.95p 1.59%
Scottish Mortgage Inv Trust (SMT) 1,337.50p 1.29%
Royal Dutch Shell ‘B’ (RDSB) 1,428.20p 1.26%
Severn Trent (SVT) 2,919.00p 1.11%
GlaxoSmithKline (GSK) 1,515.20p 1.07%

FTSE 100 – Fallers

Whitbread (WTB) 3,003.00p -3.13%
Kingfisher (KGF) 354.70p -2.72%
International Consolidated Airlines Group SA (CDI) (IAG) 160.46p -2.43%
InterContinental Hotels Group (IHG) 4,488.00p -2.16%
Land Securities Group (LAND) 716.60p -1.92%
British Land Company (BLND) 522.00p -1.88%
Glencore (GLEN) 324.50p -1.58%
Associated British Foods (ABF) 2,026.00p -1.46%
Phoenix Group Holdings (PHNX) 662.00p -1.46%
Johnson Matthey (JMAT) 2,975.00p -1.39%

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