London’s FTSE 100 was down 0.6% at 7,028.65 in afternoon trade on Tuesday.
Miners Anglo American, BHP and Rio Tinto all fell as copper prices declined. BHP was also knocked lower by a downgrade to ‘equalweight’ at Barclays.
BA and Iberian owner IAG flew lower after a downgrade to ‘neutral’ from ‘outperform’ at BNP Paribas.
JD Sports Fashion was the standout gainer after it reported record first-half results, boosted by pent-up demand after UK stores reopened from lockdown and acquisitions in the US. Pre-tax profit before exceptional items jumped to £439.5m in the six months to the end of July from £61.9m a year earlier as revenue rose to £3.89bn from £2.54bn. JD said it expected annual headline pre-tax profit for the full year to be at least £750m.
Bunzl was in the black after agreeing to buy a US safety business and an Australia-focused medical supplies distributor as the distribution and outsourcing group continued its acquisition spree.
SSE was trading up following a report that activist hedge fund Elliott Investment Management is agitating to break up the energy firm. The US firm, founded by its billionaire president Paul Singer, wants to separate SSE’s renewable portfolio from its regulated electricity business, Bloomberg reported.
According to unnamed sources, who Bloomberg said had knowledge of the matter, Elliott has been meeting with SSE representatives and major shareholders.
FTSE 100 – Risers
JD Sports Fashion (JD.) 1,138.50p 8.53%
B&M European Value Retail S.A. (DI) (BME) 590.60p 2.04%
Kingfisher (KGF) 361.80p 1.77%
Entain (ENT) 1,936.50p 1.65%
Bunzl (BNZL) 2,605.00p 1.48%
Next (NXT) 7,960.00p 1.38%
SSE (SSE) 1,653.50p 1.35%
Royal Mail (RMG) 493.90p 1.33%
Reckitt Benckiser Group (RKT) 5,797.00p 1.17%
Ashtead Group (AHT) 5,898.00p 1.10%
FTSE 100 – Fallers
Evraz (EVR) 593.40p -2.88%
International Consolidated Airlines Group SA (CDI) (IAG) 144.40p -2.63%
Anglo American (AAL) 3,018.00p -2.42%
BT Group (BT.A) 156.80p -1.85%
Johnson Matthey (JMAT) 2,805.00p -1.79%
BHP Group (BHP) 2,043.50p -1.78%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,612.00p -1.61%
Hikma Pharmaceuticals (HIK) 2,461.00p -1.56%
Rio Tinto (RIO) 5,207.00p -1.51%
Prudential (PRU) 1,459.50p -1.32%
