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FTSE 100 movers: Tesco rallies on results; Phoenix goes ex-div
(Sharecast News) - London's FTSE 100 was down 0.2% at 8,276.12 in afternoon trade on Thursday. Tesco shot to the top of the index as it lifted its annual profit guidance despite a slight slowdown in underlying sales growth in the second quarter.
Due to stronger-than-expected volumes in the first half, which the grocer put down to its ongoing investments in "value, quality and service", retail adjusted operating profit for the year ending 24 February was now expected to be £2.9bn, up from earlier guidance of at least £2.8bn and higher than last year's £2.76bn.
Housebuilders were also on the rise amid the prospect of faster rate cuts by the Bank of England. Persimmon, Vistry, Barratt and Taylor Wimpey all gained after BoE governor Andrew Bailey told the Guardian that the central bank could become a "bit more aggressive" in cutting rates as long as news on inflation continued to be good.
Bailey told the Guardian he has been encouraged by the fact that cost of living pressures had not been as persistent as the BoE thought they might be.
He said in an interview that if the news on inflation remained positive there was a chance the Bank could become "a bit more activist" in its rate-cutting approach.
Phoenix was in the red as it traded without entitlement to the dividend.
FTSE 100 - Risers
Tesco (TSCO) 362.30p 2.09% Rolls-Royce Holdings (RR.) 527.80p 1.73% Pershing Square Holdings Ltd NPV (PSH) 3,550.00p 1.49% SSE (SSE) 1,901.00p 1.44% Persimmon (PSN) 1,647.00p 1.42% Vistry Group (VTY) 1,304.00p 1.40% JD Sports Fashion (JD.) 142.15p 1.28% InterContinental Hotels Group (IHG) 8,200.00p 1.18% Barratt Developments (BDEV) 479.70p 1.05% Taylor Wimpey (TW.) 164.75p 1.01%
FTSE 100 - Fallers
Phoenix Group Holdings (PHNX) 523.50p -5.76% Diploma (DPLM) 4,212.00p -5.01% M&G (MNG) 201.00p -3.18% GSK (GSK) 1,466.50p -1.94% Prudential (PRU) 707.20p -1.83% Hikma Pharmaceuticals (HIK) 1,879.00p -1.73% Coca-Cola HBC AG (CDI) (CCH) 2,680.00p -1.69% Anglo American (AAL) 2,436.50p -1.67% Antofagasta (ANTO) 1,961.00p -1.63% NATWEST GROUP (NWG) 329.10p -1.50%
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