FTSE 100 movers: Tesco up ahead of Q1 update; Micro Focus hit by US weakness

London's FTSE 100 index was off 0.1% to 7,521.51 in afternoon trade as investors grew increasingly nervous about political instability following last week's election result.

Tesco was the standout gainer ahead of its first-quarter trading statement on Friday, as Deutsche Bank said it expects a solid UK like-for-like and improving international trends.

"We expect a UK LFL of +1.7%, which we lowered from +2.3% post the May Kantar data reflecting lower market growth than we expected, due to the slower rise in inflation than we expected, from 3.5% to 3.6%," the bank said.

Oil giants Shell and BP gushed higher as oil prices advanced, with West Texas Intermediate and Brent crude up 1.6% to $46.58 a barrel and $48.98, respectively.

On the downside, software and information technology business Micro Focus International was under the cosh, dented by weakness in the US technology sector which hit the Nasdaq on Friday, while precious metals miner Fresnillo retreated as gold prices declined.

Risers

Tesco (TSCO) 185.20p 2.46%
Royal Dutch Shell 'B' (RDSB) 2,198.50p 2.16%
Royal Dutch Shell 'A' (RDSA) 2,148.00p 1.97%
Centrica (CNA) 202.60p 1.91%
Johnson Matthey (JMAT) 3,028.00p 1.47%
BT Group (BT.A) 299.05p 1.46%
BP (BP.) 474.40p 1.41%
Vodafone Group (VOD) 224.15p 1.40%
Hikma Pharmaceuticals (HIK) 1,653.00p 1.35%
Anglo American (AAL) 1,095.50p 1.34%

Fallers

Micro Focus International (MCRO) 2,414.00p -3.40%
Fresnillo (FRES) 1,672.00p -3.07%
Convatec Group (CTEC) 315.80p -2.38%
Rolls-Royce Holdings (RR.) 887.50p -2.31%
Sage Group (SGE) 681.50p -2.29%
Scottish Mortgage Inv Trust (SMT) 410.20p -1.87%
BAE Systems (BA.) 667.50p -1.40%
InterContinental Hotels Group (IHG) 4,372.00p -1.38%
Coca-Cola HBC AG (CDI) (CCH) 2,299.00p -1.29%
Worldpay Group (WPG) 309.10p -1.21%