FTSE 100 movers: CRH gains on results but Royal Mail fails to deliver

London’s FTSE 100 index was up 0.4% to 6,778.66 in afternoon trade.

Building materials group CRH was among the gainers after it reported a 6% rise in cumulative sales in the first nine months of the year and said it continues to expect earnings for the year to be in excess of €3bn.

In a trading update for the period from 1 January to the end of September, the company said cumulative sales rose to €20.4bn, up 22% compared with the corresponding period last year, or 6% higher on a proforma basis.

Meanwhile, earnings before interest, taxes, depreciation and amortisation came in at €2.4bn, up 14% on proforma 2015.

On the downside, Royal Mail slid after it said half-year revenue edged up thanks to its European business, but the EU referendum resulted in a reduction in UK marketing activity.

Accendo Markets head of research Mike Van Dulken said investors were uninspired by the results, which showed a 5% drop in underlying operating profits.

TUI was under the cosh as Morgan Stanley downgraded the stock to ‘equalweight’ from ‘overweight’ and cut the price target to 1,100p from 1,200p.

Specialist chemicals company Johnson Matthey was under pressure after posting a 36% decline in first-half profit to £210m on revenues of £5.6bn, down 2%.

Underlying pre-tax profits rose rose 5% to £219.6m and the interim dividend was lifted 5% to 20.5p.

Sainsburys and Marks and Spencer were weaker as their stocks went ex-dividend.

Risers

Anglo American (AAL) 1,123.50p 2.70%
British Land Company (BLND) 608.00p 2.62%
Mondi (MNDI) 1,545.00p 2.25%
Sage Group (SGE) 673.50p 1.97%
Barratt Developments (BDEV) 477.80p 1.77%
Severn Trent (SVT) 2,224.00p 1.74%
BHP Billiton (BLT) 1,277.50p 1.71%
Carnival (CCL) 4,023.00p 1.69%
CRH (CRH) 2,746.00p 1.67%
Antofagasta (ANTO) 683.00p 1.64%

Fallers

Royal Mail (RMG) 449.40p -9.92%
Hikma Pharmaceuticals (HIK) 1,655.00p -4.50%
Rolls-Royce Holdings (RR.) 705.50p -4.47%
TUI AG Reg Shs (DI) (TUI) 999.50p -2.96%
Johnson Matthey (JMAT) 3,250.00p -2.55%
Prudential (PRU) 1,500.50p -1.32%
Sainsbury (J) (SBRY) 236.30p -1.29%
Marks & Spencer Group (MKS) 333.20p -1.27%
Royal Bank of Scotland Group (RBS) 205.90p -1.20%
Shire Plc (SHP) 4,792.50p -1.08%