London’s FTSE 100 was down 0.3% at 7,122.92 in afternoon trade on Tuesday.
Entain was in the red even as the gambling firm said third-quarter revenue rose, with in-shop volumes improving as Covid lockdown measures were lifted.
Going the other way, GlaxoSmithKline rallied following a report that the pharmaceuticals giant’s consumer unit was drawing interest from private equity firms in what could lead to the biggest buyout of all time.
According to Bloomberg, Glaxo’s advisers are informally fielding interest in the operations alongside preparations for a listing. It was understood that Advent International, Blackstone, Carlyle Group, CVC Capital Partners, KKR and Permira are among potential suitors evaluating the business.
Polymetal was also in the black after an initiation of coverage by Deutsche Bank at ‘hold’ with a 1,200p price target.
“Polymetal has one of the best growth pipelines versus peers (Nezhda, Prognoz, and Veduga) with gold equivalent production expected to increase around 16% by 2025 (over 2021),” DB said. “The company has a robust shareholder returns policy which, on our estimates, translates to an average 5% dividend yield over the next five years.”
However, DB said the stock is fully valued, hence the ‘hold’ recommendation.
FTSE 100 – Risers
Coca-Cola HBC AG (CDI) (CCH) 2,481.00p 4.33%
Ocado Group (OCDO) 1,631.00p 4.18%
GlaxoSmithKline (GSK) 1,420.00p 1.95%
Croda International (CRDA) 8,416.00p 1.81%
London Stock Exchange Group (LSEG) 7,760.00p 1.55%
Bunzl (BNZL) 2,432.00p 1.46%
B&M European Value Retail S.A. (DI) (BME) 572.20p 1.27%
JD Sports Fashion (JD.) 1,037.00p 1.07%
Polymetal International (POLY) 1,284.00p 1.06%
Reckitt Benckiser Group (RKT) 5,509.00p 1.05%
FTSE 100 – Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 176.24p -3.16%
Entain (ENT) 2,056.00p -2.47%
Pearson (PSON) 729.80p -1.99%
BP (BP.) 353.30p -1.94%
Rio Tinto (RIO) 5,002.00p -1.94%
Compass Group (CPG) 1,476.00p -1.93%
Rolls-Royce Holdings (RR.) 142.82p -1.83%
Evraz (EVR) 579.40p -1.76%
Flutter Entertainment (CDI) (FLTR) 13,985.00p -1.72%
Johnson Matthey (JMAT) 2,603.00p -1.70%
