FTSE 100 movers: Intertek jumps on results; Paddy Power Betfair slumps

London's FTSE 100 was flat at 7,352.67 in afternoon trade, as investors looked ahead to Wednesday's Budget.

Testing, inspection and certification specialist Intertek rose as it said full-year 2016 sales rocketed 18.5% to £2.57bn as weakness in the pound continued to bolster its top line.

Medical products and technologies company Convatec was on the front foot as Goldman Sachs reiterated its 'buy' rating on the stock and lifted the price target to 310p from 300p following the second half results on 2 March and investor meetings with management.

The bank said the stock's valuation is undemanding.

On the downside, newly merged bookmaker Paddy Power Betfair slumped after it reported a loss of £5.7m for the full year, despite a jump in revenue, as merger costs hit profits.

Equipment rental firm Ashtead was in the red despite its third-quarter results revealing that it remained en route to a strong year of growth, with gross capital expenditure expected towards the upper end of its our previous guidance

Direct Line Insurance Group was under pressure after it reported a drop in full-year profit as it took a £175m hit from the change in the discount rate used to calculate lump sum payouts.

Centrica was lower after Credit Suisse downgraded the stock to 'neutral' from 'outperform' and cut the price target to 230p from 255p as it pointed to the accounting pension deficit of around £1.1bn.

Also on Tuesday, Citigroup reiterated its 'sell' rating on Centrica.

SSE was also hit by a downgrade as Citigroup cut its stance on the stock to 'sell' from 'neutral'.

Payments processor Worldpay fell back despite posting a big jump in 2016 pre-tax profit.

Risers

Intertek Group (ITRK) 3,725.00p 3.64%
Convatec Group (CTEC) 259.70p 1.84%
WPP (WPP) 1,749.00p 1.69%
Rio Tinto (RIO) 3,325.00p 1.67%
Taylor Wimpey (TW.) 189.00p 1.56%
Croda International (CRDA) 3,606.00p 1.29%
Smurfit Kappa Group (SKG) 2,224.00p 1.23%
Mondi (MNDI) 1,931.00p 1.15%
GKN (GKN) 374.40p 1.05%
Coca-Cola HBC AG (CDI) (CCH) 1,956.00p 1.03%

Fallers

Paddy Power Betfair (PPB) 8,360.00p -4.84%
Standard Life (SL.) 386.80p -3.30%
Ashtead Group (AHT) 1,690.00p -3.10%
Direct Line Insurance Group (DLG) 338.30p -2.90%
Informa (INF) 661.00p -2.22%
Centrica (CNA) 221.60p -1.99%
SSE (SSE) 1,514.00p -1.88%
Mediclinic International (MDC) 723.00p -1.57%
Worldpay Group (WPG) 270.90p -1.49%
Severn Trent (SVT) 2,323.00p -1.36%