FTSE 100 movers: Vodafone in the black; 3i Group slumps

London’s FTSE 100 was up 0.4% at 8,390.26 in afternoon trade on Thursday.

Vodafone was in the black ahead of full-year results next Tuesday.

Matt Britzman, equity analyst at Hargreaves Lansdown, said: "Vodafone’s recent third-quarter results provided some optimism for investors to cling to, but wider issues remain. With the sales of both the Spanish and Italian businesses, Vodafone needs to reset expectations.

"Management has already warned investors that the dividend will be halved for the coming year, given the smaller operation. Next week’s full-year results and guidance for the coming year should shed light on what the leaner organisation will be able to deliver.

"The key German market is a perfect example of the challenges at hand. After more than €20bn of investment, growing service revenue and customer numbers is proving a challenge. The market will be keen to hear any updates on current regulatory changes that mean Vodafone needs to recontract over 8.5mn customers (circa €800mn in revenue).

"The portfolio reshuffle and its increased focus on better-performing assets look like positive evolutions. But, with growth hard to come by, markets will need to see sustained progress before getting too excited."

On the downside, 3i Group lost ground despite hailing "strong" full-year results supported by resilient growth in its portfolio companies, as its total return for the year declined to £3.9bn from £4.6bn.

HSBC and Admiral both fell as they traded without entitlement to the dividend.

BA and Iberia owner IAG flew lower ahead of first-quarter results on Friday.

FTSE 100 - Risers

Phoenix Group Holdings (PHNX) 520.50p 2.36%
Ocado Group (OCDO) 353.80p 2.28%
JD Sports Fashion (JD.) 119.40p 2.23%
Vodafone Group (VOD) 68.74p 1.78%
BT Group (BT.A) 106.25p 1.48%
Rightmove (RMV) 568.40p 1.36%
Taylor Wimpey (TW.) 142.70p 1.35%
Reckitt Benckiser Group (RKT) 4,606.00p 1.30%
Severn Trent (SVT) 2,606.00p 1.24%
United Utilities Group (UU.) 1,099.50p 1.24%

FTSE 100 - Fallers

3i Group (III) 2,840.00p -4.51%
HSBC Holdings (HSBA) 693.30p -3.82%
Melrose Industries (MRO) 595.80p -1.59%
Admiral Group (ADM) 2,738.00p -1.26%
Pearson (PSON) 1,003.50p -1.13%
Smith & Nephew (SN.) 998.80p -0.86%
Spirax-Sarco Engineering (SPX) 9,080.00p -0.82%
International Consolidated Airlines Group SA (CDI) (IAG) 182.50p -0.82%
InterContinental Hotels Group (IHG) 7,824.00p -0.81%
Flutter Entertainment (DI) (FLTR) 15,935.00p -0.78%