FTSE 100 movers: Melrose rallies on results; Paddy Power gives back some gains
London's FTSE 100 was down 0.8% at 7,137.83 in afternoon trade on Thursday, with ex-divs proving a drag.
Paddy Power Betfair was the standout loser, giving back some gains after surging a day earlier on the back of its annual results.
Persimmon, Rio Tinto and Evraz were weaker as their stock went ex-dividend, with Rio also hit by a downgrade to 'hold' from 'sell' by Societe Generale, which cuts its price target to 3,830p from 3,880p.
The bank said the downgrade reflects recent price gains on the back of the rebound in iron ore markets, which it reckons might be short-lived.
UAE-based private healthcare operator NMC Health fell even as it hailed another year of record revenue on profits thanks in part to the successful integration of acquisitions. Analysts said adjusted earnings per share came in 6% below consensus, while financial charges were higher than expected.
Fund manager Schroders was weaker as it reported a drop in assets under management and full-year profits after a bruising year.
Aviva was also on the back foot as its full-year results came in in line with expectations but the insurer warned that growth this year would be more muted amid Brexit uncertainty.
Admiral retreated as the insurer reported record profits for 2018, as the results were flattered by the government's decision to unwind partially the change in the Ogden discount rate.
On the upside, turnaround specialist Melrose Industries was a high riser as it said results for 2018 were ahead of the board's previous expectations eight months after the acquisition of engineer GKN.
Informa gained as its full-year earnings per share beat expectations, while Spirax-Sarco advanced after it reported a jump in 2018 profit and revenue thanks to strong organic growth and contributions from acquisitions.
British American Tobacco rose for the second day in a row as investors welcomed the resignation of America's chief drug and tobacco regulator, Scott Gottlieb, who had been spearheading a ban on menthol cigarettes and curbs on e-cigarettes.
RBC Capital Markets said: "While this event serves as a near-term catalyst, the real impact depends on who ultimately replaces him, in our view. We are monitoring the situation closely with our contacts on the Hill but understand that the process to permanently fill the position is likely to be lengthy.
"Commissioner Gottlieb’s departure could be viewed as an opportunity for aggressive actions against the tobacco industry to be reversed and tobacco regulation to be moved to the backburner, as his proposals had run into fierce opposition by anti-regulation groups."
FTSE 100 - Risers
Melrose Industries (MRO) 187.60p 4.19%
Informa (INF) 735.40p 3.34%
Spirax-Sarco Engineering (SPX) 7,010.00p 2.34%
British American Tobacco (BATS) 3,111.00p 2.00%
Diageo (DGE) 3,049.50p 1.92%
Reckitt Benckiser Group (RB.) 6,173.00p 1.78%
National Grid (NG.) 860.60p 1.69%
Unilever (ULVR) 4,114.00p 1.68%
Experian (EXPN) 2,036.00p 1.14%
Centrica (CNA) 122.60p 0.70%
FTSE 100 - Fallers
Paddy Power Betfair (PPB) 5,600.00p -7.67%
Persimmon (PSN) 2,249.77p -7.53%
Rio Tinto (RIO) 4,151.21p -7.30%
NMC Health (NMC) 2,816.00p -6.13%
Schroders (SDR) 2,604.00p -5.58%
GVC Holdings (GVC) 682.32p -4.84%
Evraz (EVR) 580.60p -4.82%
Aviva (AV.) 414.70p -4.29%
easyJet (EZJ) 1,191.00p -4.26%
Admiral Group (ADM) 2,098.00p -4.24%