FTSE 100 movers: BT surges; travel stocks retreat

London’s FTSE 100 was up 1.4% at 6,085.22 in afternoon trade on Monday.

BT shares surged following a weekend report the company is on alert for takeover approaches after the collapse in its share price.

According to Sky News, BT has asked bankers at Goldman Sachs to update its defence strategy as it looks to fend off potential takeover approaches from industry rivals and buyout firms after the suspension of its dividend sent the shares tumbling to their lowest level in more than a decade.

It was understood that boutique investment bank Robey Warshaw, a long-standing adviser to Vodafone, may also be asked by BT to play a role. Sources told Sky that BT had not yet received a formal approach from any potential suitor.

AstraZeneca rallied after it emerged that US President Donald Trump is considering fast-tracking an experimental Covid-19 vaccine being developed by the pharmaceuticals giant and Oxford University.

The Financial Times cited three people briefed on the plan as saying that one option being considered to speed up the availability of a vaccine would involve the US Food and Drug Administration awarding ‘emergency use authorisation’ (EUA) in October, based on the results from a relatively small UK study if it is successful.

On the downside, Premier Inn owner Whitbread, Ladbrokes owner GVC and caterer Compass were the worst performers on the index closely followed by InterContinental Hotels and British Airways owner IAG.

GVC was down even as Barclays said it likes the ‘overweight’ rated stock as it sees the US opportunity outweighing regulation risk.

FTSE 100 - Risers

BT Group (BT.A) 107.40p 5.50%
AstraZeneca (AZN) 8,745.00p 3.65%
Anglo American (AAL) 1,924.60p 3.60%
Rentokil Initial (RTO) 547.20p 3.32%
Smurfit Kappa Group (SKG) 2,770.00p 3.28%
Imperial Brands (IMB) 1,294.00p 3.27%
Avast (AVST) 555.50p 3.16%
Experian (EXPN) 2,844.00p 2.89%
DCC (DCC) 6,828.00p 2.89%
Aveva Group (AVV) 4,378.00p 2.84%

FTSE 100 - Fallers

Whitbread (WTB) 2,340.00p -2.42%
GVC Holdings (GVC) 774.20p -1.53%
Compass Group (CPG) 1,147.50p -1.38%
InterContinental Hotels Group (IHG) 4,234.00p -1.07%
International Consolidated Airlines Group SA (CDI) (IAG) 191.25p -1.01%
NATWEST GROUP PLC ORD 100P (NWG) 111.10p -0.67%
Burberry Group (BRBY) 1,399.00p -0.39%
British Land Company (BLND) 359.50p -0.31%
Land Securities Group (LAND) 569.70p -0.19%
Barclays (BARC) 107.90p -0.09%