FTSE 100 movers: AB Foods rallies on earnings; Morrisons moves lower
London's FTSE 100 was down 0.9% to 7,038.25 in afternoon trade on Tuesday as investors eyed the US mid-term elections.
Associated British Foods was the standout gainer as it reported stronger earnings per share for the year to September but said it expects growth to be flat in the coming year.
Strong growth from its Primark retail arm, along with its Grocery, Agriculture and Ingredients divisions, offsetting a decline in the sugar business, resulted in adjusted profits before tax of £1.37bn and adjusted earnings per share of 134.9p, up 5% and 6% respectively.
Packaging company DS Smith gained after saying it expects return on sales and adjusted operating profit in the half year to the end of October to be "materially" ahead of the same period a year ago.
On the downside, Morrisons dropped it said further strong expansion of its wholesale arm lifted sales in the third quarter, but growth slowed from the rapid rate in the preceding quarter. Group like-for-like sales were up 5.6% in the 13 weeks to 4 November, excluding fuel, as the supermarkets business grew 1.3% and the wholesale business 4.3%.
BT was back in the red after a brief spike higher earlier in the day as rumours swirled again that Deutsche Telekom - which has a stake in the company - has been working with advisors on plans for a full takeover.
AstraZeneca was on the back foot after saying it has agreed to sell the rights to asthma medicine Alvesco and rhinitis medicines Omnaris and Zetonna to Covis Pharma for $370m.
FTSE 100 - Risers
Associated British Foods (ABF) 2,446.00p 2.43%
Smith (DS) (SMDS) 388.90p 2.23%
ITV (ITV) 157.05p 1.45%
Smurfit Kappa Group (SKG) 2,526.00p 1.45%
Rentokil Initial (RTO) 311.00p 1.27%
Experian (EXPN) 1,793.50p 1.21%
St James's Place (STJ) 1,027.00p 1.18%
Rolls-Royce Holdings (RR.) 832.60p 1.17%
Marks & Spencer Group (MKS) 300.90p 1.11%
Ocado Group (OCDO) 845.60p 1.08%
FTSE 100 - Fallers
Morrison (Wm) Supermarkets (MRW) 241.75p -5.03%
British American Tobacco (BATS) 3,278.00p -3.79%
CRH (CRH) 2,245.00p -3.32%
BT Group (BT.A) 254.30p -3.23%
Glencore (GLEN) 314.35p -2.12%
Vodafone Group (VOD) 147.24p -2.10%
Rightmove (RMV) 453.45p -2.04%
Tesco (TSCO) 213.10p -1.98%
Intertek Group (ITRK) 4,577.00p -1.97%
AstraZeneca (AZN) 5,764.00p -1.92%