FTSE 100 movers: ICG rallies on results; Flutter in the red
London’s FTSE 100 was down 0.9% at 8,245.71 in afternoon trade on Tuesday.
DraftKings and FanDuel owner Flutter Entertainment slid after the Illinois Senate passed a bill that would make Illinois the second most expensive state for wagers to do business in.
According to reports, the bill - which was approved over the weekend by a 37 to 22 vote - would mean that operators with the highest adjusted gross revenue would pay a 40% tax.
Persimmon lost ground following a report the housebuilder is exploring a £1bn takeover bid for Cala Group, a rival player in the sector which has been put up for sale. According to Sky News, Persimmon is leaning towards submitting an offer for Cala ahead of a bid deadline next week.
Insiders expect Cala, which is being auctioned by Legal & General, to command a price tag of about £1bn.
United Utilities and Severn Trent following a report in the Guardian suggesting that Ofwat was set to refuse most companies’ requests to hike consumer bills, with some getting as little as half of what they have asked for.
Auto Trader was weaker ahead of full-year results later in the week.
Ocado was the standout gainer on the index, with traders pointing to short covering.
Intermediate Capital rallied as it said profits more than doubled in the year ended 31 March and reported a huge increase in performance fee income while assets under management rose by nearly a quarter.
FTSE 100 - Risers
Ocado Group (OCDO) 413.90p 10.73%
JD Sports Fashion (JD.) 127.25p 4.78%
Intermediate Capital Group (ICG) 2,400.00p 3.45%
Antofagasta (ANTO) 2,318.00p 3.21%
Fresnillo (FRES) 614.50p 3.10%
Lloyds Banking Group (LLOY) 56.00p 2.19%
Unite Group (UTG) 940.50p 1.95%
Ashtead Group (AHT) 5,820.00p 1.86%
RS Group (RS1) 752.50p 1.62%
BT Group (BT.A) 128.85p 1.38%
FTSE 100 - Fallers
Flutter Entertainment (DI) (FLTR) 15,100.00p -5.57%
Associated British Foods (ABF) 2,648.00p -2.72%
Persimmon (PSN) 1,442.00p -2.63%
Relx plc (REL) 3,442.00p -2.22%
United Utilities Group (UU.) 985.20p -2.21%
Severn Trent (SVT) 2,395.00p -2.20%
Diageo (DGE) 2,636.00p -2.12%
CRH (CDI) (CRH) 6,280.00p -1.97%
Compass Group (CPG) 2,178.00p -1.94%
Auto Trader Group (AUTO) 734.00p -1.85%