FTSE 100 movers: Ashtead boosted while Anglo American slides further

The FTSE 100 was trading below the line on Thursday afternoon, as investors reacted to a bigger-than-expected drop in UK retail sales for March, and a hostile shareholder meeting for Anglo American got underway.

Equipment rental group Ashtead was among the top performers, after issuing a morning statement on its fourth quarter performance. The firm’s board said it had performed well in the fourth quarter, and was expecting full-year results to be towards the top end of current analyst expectations. It added that Ashtead’s specialty businesses were providing an opportunity for long-term growth and more consistent returns on a typically less cyclical basis, with a lower capital requirement.

Retailer Tesco was also moving higher, though it did go ex-dividend on Thursday. The group, facing a tough turnaround period with many of its non-grocery businesses underperforming, threw its weight behind its F&F clothing division as it issued requests for information for a new creative agency to handle the brand. The retailer had reported group sales of £48.4bn for the year to 27 February in preliminary results recently.

A number of companies were facing sliding share prices as they went ex-dividend, including BAE Systems, Mondi, Capita and Antofagasta.

Anglo American was under pressure, as its annual meeting was held during the afternoon. A revolt was anticipated, after shareholder group ShareSoc urged investors on Wedensday to vote against CEO Mark Cutifani’s £3.4m pay packet for 2015. Anglo had faced serious operational challenges in recent months, suspending dividend payments and taking the title as the worst FTSE 100 performer in 2015.

Shares in subscription broadcaster Sky were also in the red, as investors digested a third quarter update that looked good on the surface but revealed a number of concerns going forward. Analysts at Liberum pointed to the growing churn rate for subscribers, with more Britons and Italians cutting the cord on the service. It also claimed to be in 40 million homes in the UK and Ireland - 11 million more households than officially exist in the two countries.