London’s FTSE 100 was down 0.1% at 7,346.27 in afternoon trade on Thursday.
Ocado slid as hedge fund Kintbury Capital said it expects 50% downside in the shares at best.
Hargreaves Lansdown was under the cosh after RBC Capital Markets downgraded the shares to ‘sector perform’ from ‘outperform’ and slashed the price target to 1,050p from 1,650p, as it said near-term uncertainty “thwarts underlying value”.
Safety equipment firm Halma fell despite reporting record half-year revenue and profit.
Spirax-Sarco Engineering lost ground even as it reiterated guidance for full-year operating profits and reported continued strong demand despite a weakening outlook for global industrial production.
British Gas owner Centrica and SSE were the top gainers, having initially fallen after Chancellor Jeremy Hunt confirmed in his Autumn Statement that the energy industry windfall tax will rise to 35% from 25% from 1 January 2023 until March 2028, in line with expectations.
He also announced the introduction of a temporary 45% levy on electricity generators. There had been reports of a 40% levy on excess profits.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “Share prices of energy generating companies retreated but then bounced back as investors recognised that the plan to scoop up money which has been falling into their profit baskets would be temporary and could be alleviated by investment allowances which will allow them to offset the levy.”
Lloyds and NatWest were also higher after Hunt confirmed that the surcharge on bank profits over £100m will be cut to 3% from 8% from April next year.
FTSE 100 – Risers
Centrica (CNA) 92.62p 6.48%
SSE (SSE) 1,692.50p 2.95%
Lloyds Banking Group (LLOY) 44.24p 2.57%
Burberry Group (BRBY) 2,050.00p 2.35%
Imperial Brands (IMB) 2,091.00p 1.85%
British Land Company (BLND) 398.90p 1.84%
NATWEST GROUP (NWG) 251.10p 1.70%
3i Group (III) 1,278.00p 1.63%
Admiral Group (ADM) 2,071.00p 1.47%
Legal & General Group (LGEN) 251.60p 1.45%
FTSE 100 – Fallers
Ocado Group (OCDO) 672.60p -7.36%
Hargreaves Lansdown (HL.) 827.00p -5.07%
Halma (HLMA) 2,237.00p -4.77%
Anglo American (AAL) 3,109.50p -4.06%
Convatec Group (CTEC) 217.20p -3.38%
Spirax-Sarco Engineering (SPX) 11,210.00p -3.36%
Smurfit Kappa Group (CDI) (SKG) 2,989.00p -3.33%
Antofagasta (ANTO) 1,322.00p -3.15%
Sage Group (SGE) 788.80p -2.76%
Endeavour Mining (EDV) 1,609.00p -2.37%
