FTSE 100 movers: Vodafone slides on Sky deal; Sainsbury's in favour

The FTSE 100 was trading lower in midday trade as Chinese inflation numbers missed forecasts.

Vodafone slid after it confirmed local rumours surrounding its New Zealand operation, announcing it was merging with local subscription television provider Sky to create an integrated telecommunications and media group. Sky shares advanced.

Antofagasta shares dropped as Canaccord Genuity downgraded the stock to ‘hold’ from ‘buy’ and lowered its target price to 475p from 550p.

Canaccord said changes to the Chilean tax regime through 2018 may pressure Antofagasta’s net margin and dividend.

Glencore shares fell as the company said it had agreed to sell a further 9.99% stake in its agricultural business to Canada Pension Plan Investment Board, Canada’s largest pension fund.

The Canadian pension fund in April purchased a 40% stake in the business for $2.5bn, which at the time Glencore reserved the right to sell an extra 20% holding.

Shares in Sainsbury's were up as takeover target Home Retail Group said it expected their merger to go through in the third quarter.

Market Movers

FTSE 100 (UKX) 6,242.55 -0.94%

FTSE 100 - Risers

Next (NXT) 5,565.00p 0.91%
Sky (SKY) 936.50p 0.86%
BT Group (BT.A) 425.70p 0.85%
Marks & Spencer Group (MKS) 378.30p 0.75%
SSE (SSE) 1,552.00p 0.65%
Intertek Group (ITRK) 3,265.00p 0.55%
Worldpay Group (WI) (WPG) 280.40p 0.54%
Sainsbury (J) (SBRY) 251.60p 0.40%
Carnival (CCL) 3,364.00p 0.39%
easyJet (EZJ) 1,493.00p 0.20%

FTSE 100 - Fallers

Antofagasta (ANTO) 420.10p -7.00%
Vodafone Group (VOD) 220.90p -4.37%
Johnson Matthey (JMAT) 2,978.00p -3.41%
Rolls-Royce Holdings (RR.) 593.50p -2.94%
InterContinental Hotels Group (IHG) 2,600.00p -2.48%
BHP Billiton (BLT) 878.70p -2.48%
Glencore (GLEN) 142.35p -2.30%
Pearson (PSON) 829.00p -2.24%
Anglo American (AAL) 682.80p -2.11%
GKN (GKN) 275.90p -1.88%