Alexander Bueso Sharecast | 08 Aug, 2017 17:26
FTSE 100 movers: British American to light-up debt markets, Burberry director bails out
Shares of British American Tobacco were lower after Bloomberg reported the company was preparing potentially the largest bond sale of the year in order to finance its acquisition of Reynolds American.
The company was reportedly set to conclude a two-day roadshow among potential investors on Tuesday. The tranche with the longest maturities would 30-year debt priced at between 180 and 185 basis points over similarly-dated US Treasuries.
Burberry Group was sent lower by news that its chief creative office Christopher Bailey bailed out of 174,050 shares in the company, for a total transaction amount of £3.13m.
InterContinental Hotels Group slipped after reporting a deceleration in its rate of growth in revenue per available room for the second quarter from 2.7% to 1.5%, with some analysts pointing out the large slowdown seen in the Americas, where that metric fell from 2.2% to 0.1%.
Paddy Power Betfair was at the bottom of the pile, with analysts at ShoreCap expressing concerns regarding the shares' valuation relative to its peers following the company's latest set of interims.
On a related note, and linked to a Sunday Times report, the day before analysts at HSBC cautioned that HMRC might increase its point-of-consumption tax for bookmakers to 18%, if not something closer to 24%.
FTSE 100 - Risers
Taylor Wimpey (TW.) 195.20p 1.93%
Worldpay Group (WPG) 383.60p 1.86%
Kingfisher (KGF) 309.40p 1.31%
Direct Line Insurance Group (DLG) 411.30p 1.28%
Associated British Foods (ABF) 3,154.00p 1.25%
Royal Bank of Scotland Group (RBS) 264.60p 1.19%
Lloyds Banking Group (LLOY) 67.26p 1.14%
Scottish Mortgage Inv Trust (SMT) 431.90p 1.08%
Smith & Nephew (SN.) 1,349.00p 1.05%
Marks & Spencer Group (MKS) 331.70p 1.00%
FTSE 100 - Fallers
Paddy Power Betfair (PPB) 7,240.00p -4.11%
InterContinental Hotels Group (IHG) 4,235.00p -3.99%
Provident Financial (PFG) 2,035.00p -1.69%
G4S (GFS) 330.20p -1.58%
Sainsbury (J) (SBRY) 246.20p -1.52%
Mediclinic International (MDC) 728.00p -1.29%
British American Tobacco (BATS) 4,990.00p -1.29%
BAE Systems (BA.) 575.50p -1.20%
Burberry Group (BRBY) 1,789.00p -1.11%
Whitbread (WTB) 3,869.00p -0.90%