FTSE 100 movers: AB Foods gains on results but M&S slumps

London’s FTSE 100 was up 0.1% to 6,812.41 in afternoon trade as investors sat on their hands ahead of the US election results.

Associated British Foods was the standout gainer after it reported a rise in full-year revenue as it expanded the selling space of Primark and benefited from the weakening of the pound, although like-for-like sales were lower.

Private healthcare company Mediclinic was on the front foot after Renaissance Capital lifted its stance on the stock to ‘buy’ from ‘hold’.

Budget airline EasyJet flew higher despite Numis cutting its price target on the hold-rated stock to 1,050p from 1,200p ahead of its full-year prelims next week.

Numis said in a note: “With the seasonally weak winter trading period now firmly underway, and ongoing uncertainty about the strength of UK domestic demand we expect a cautious update at EasyJet’s FY16 prelims on 15 November.

Retailer Marks & Spencer was under the cosh after holding its interim dividend flat as first-half profits plunged as new chief executive Steve Rowe closed the defined benefit pension scheme and announced a £550m investment plan to close 113 stores I the UK and overseas.

Tobacco company Imperial Brands was weaker after it reported a drop in profit for the year to end of September, but said revenue rose and upped its dividend by 10%.

Net profit fell to £631m from £1.7bn as costs rose, but revenue was up 9.3% to £27.63bn from and Imperial lifted its dividend to 155.2p per share from 141p the year before.

RBS was on the back foot after agreeing to refund around £400m of fees to smaller business customers hit by failings at the bank’s former Global Restructuring Group subsidiary, while also launching a new complaints process to be overseen by a retired High Court judge.

Risers

Associated British Foods (ABF) 2,619.00p 5.22%
Mediclinic International (MDC) 930.00p 2.54%
BHP Billiton (BLT) 1,247.50p 2.13%
Mondi (MNDI) 1,608.00p 1.77%
easyJet (EZJ) 1,012.00p 1.76%
Anglo American (AAL) 1,140.00p 1.56%
Hikma Pharmaceuticals (HIK) 1,666.00p 1.52%
Old Mutual (OML) 196.20p 1.45%
CRH (CRH) 2,639.00p 1.42%
Randgold Resources Ltd. (RRS) 6,765.00p 1.35%

Fallers

Marks & Spencer Group (MKS) 333.60p -4.41%
Imperial Brands (IMB) 3,684.50p -3.12%
Barratt Developments (BDEV) 452.90p -1.97%
Glencore (GLEN) 246.45p -1.89%
Royal Bank of Scotland Group (RBS) 183.00p -1.88%
Persimmon (PSN) 1,657.00p -1.84%
HSBC Holdings (HSBA) 612.70p -1.54%
Taylor Wimpey (TW.) 140.20p -1.48%
International Consolidated Airlines Group SA (CDI) (IAG) 438.80p -1.46%
British Land Company (BLND) 591.00p -1.25%