FTSE 100 movers: Retailers gain; Old Mutual slumps on rand weakness, CMD

London’s FTSE 100 was down 0.1% to 7,090.16 in afternoon trade.

Marks & Spencer and Next were in the black, with traders suggesting a link to specialist-fit clothing retailer N Brown, whose stock jumped after its first-half results came in less bad than feared.

Stocks that fell on Monday regained some ground, with Taylor Wimpey, Barratt Development and RBS all in the black.

Premier Inn and Costa owner Whitbread was on the front foot after it sold a hotel in Edinburgh. Traders also highlighted the weaker pound, which attracts more tourists, boosting the hotel business.

Luxury fashion retailer Burberry was in the black, riding on the coat-tails of French peer LVMH, which rallied after its third-quarter sales beat analysts’ expectations.

On the downside, Old Mutual was under the cosh. The company, which is dual-listed in London and Johannesburg, was dragged lower by the drop in the South African rand, which tumbled against the dollar on reports that the National Prosecuting Authority has issued finance minister Pravin Gordhan a formal summons on fraud charges.

The stock was also weighed by a statement from the company’s capital markets day, in which it said net inflows at Old Mutual Wealth fell 60% to £900m in the third quarter.

Mediclinic International, another stock with a listing on the JSE, also suffered losses on the back of rand weakness.

Shire was also on the back foot amid reports that it has lined up financing from several banks including RBC and Morgan Stanley for the potential takeover of Radius.

Risers

Marks & Spencer Group (MKS) 333.60p 3.76%
Whitbread (WTB) 3,901.00p 3.53%
Next (NXT) 4,686.00p 3.35%
Travis Perkins (TPK) 1,473.00p 3.08%
Taylor Wimpey (TW.) 147.90p 2.85%
Burberry Group (BRBY) 1,518.00p 2.64%
Barratt Developments (BDEV) 482.20p 2.42%
Royal Bank of Scotland Group (RBS) 182.90p 2.41%
ITV (ITV) 177.60p 2.36%
International Consolidated Airlines Group SA (CDI) (IAG) 370.10p 2.04%

Fallers

Old Mutual (OML) 198.80p -5.02%
Mediclinic International (MDC) 899.00p -2.07%
Capita (CPI) 589.50p -1.50%
Shire Plc (SHP) 5,253.00p -1.32%
Randgold Resources Ltd. (RRS) 6,975.00p -1.27%
Fresnillo (FRES) 1,665.00p -1.19%
Polymetal International (POLY) 853.50p -0.93%
AstraZeneca (AZN) 5,050.00p -0.90%
Standard Life (SL.) 348.50p -0.83%
Mondi (MNDI) 1,679.00p -0.77%