FTSE 100 movers: Babcock bounces higher but Whitbread retreats
London’s FTSE 100 was up 0.8% to 7,450.98 in afternoon trade on Monday.
Babcock was a standout gainer after it said the adoption of new accounting rule IFRS 15 would not require a change in contract revenue or profit recognition.
IFRS takes effect on January 1, 2018. It “identifies performance obligations in contracts with customers, allocates the transaction price to the performance obligations and recognises revenue as performance obligations are satisfied”, Babcock said.
Antofagasta gained ground as copper prices advanced, while precious metals miner Fresnillo rose on the back of higher gold prices.
Whitbread was in the red following after the chief executive told The Times that Costa and Premier Inn are not yet ready to stand alone.
British Gas owner Centrica retreated as Spirit Energy, the exploration and production joint venture which combines its E&P business with Bayerngas Norge, began trading as an independent oil and gas operator.
Johnson Matthey (JMAT) 3,116.00p 3.45%
WPP (WPP) 1,382.22p 3.07%
Mondi (MNDI) 1,740.00p 2.72%
Babcock International Group (BAB) 678.00p 2.49%
Antofagasta (ANTO) 913.50p 2.24%
Shire Plc (SHP) 3,721.50p 2.01%
Fresnillo (FRES) 1,332.00p 1.99%
HSBC Holdings (HSBA) 746.80p 1.85%
Rio Tinto (RIO) 3,531.50p 1.82%
BHP Billiton (BLT) 1,365.00p 1.75%
easyJet (EZJ) 1,418.00p -2.61%
Whitbread (WTB) 3,925.00p -1.73%
British Land Company (BLND) 644.50p -1.60%
Centrica (CNA) 141.85p -1.56%
Direct Line Insurance Group (DLG) 353.50p -1.56%
Land Securities Group (LAND) 946.50p -1.25%
SEGRO (SGRO) 554.00p -1.25%
Smith & Nephew (SN.) 1,309.00p -1.13%
Next (NXT) 4,433.00p -1.12%
Marks & Spencer Group (MKS) 316.30p -0.85%