FTSE 100 movers: Whitbread rallies on update; Provident Financial tanks

London's FTSE 100 was down 0.1% to 7,462.97 as investors digested the Queen's Speech.

Whitbread was the standout gainer as it booked in a strong start to its new financial year, with revenues at its Premier Inn hotels accelerating and Costa coffee shops sales returning to like-for-like growth.

Total sales for the 13 weeks to 1 June were up 7.6% and LFL sales were up 2.9%. Premier Inn's total sales rose 9.2% and LFL sales by 4.7%, with total sales little changed since the fourth quarter of last year and LFLs a big improvement from the 2.7%.

Centrica was also on the front foot after it agreed to sell its operational Langage ad South Humber Park combined cycle gas turbine power stations to EP UK Investments for £318m in cash. The sale of the power stations, which have a combined capacity of 2.3 gigawatt, is subjected to EU merger clearance and is expected to complete in the second half of the year.

Shire gained ground after saying the US Food and Drug Administration (FDA) approved Mydayis - mixed salts of a single-entity amphetamine product - as a once-daily treatment comprised of three different types of drug-releasing beads for patients 13 years and older with attention deficit hyperactivity disorder (ADHD).

Wolseley rose after it was lifted to 'buy' from 'hold' by Canaccord Genuity. "We believe that the medium term outlook in the US continues to look very appealing and Wolseley is strongly positioned in that market," it said.

Shares in Provident Financial tanked after it cautioned that its consumer credit division will see profits nearly halve in 2017 compared to a year ago, mostly due to restructuring.

Insurers Direct Line, Admiral and Prudential were all in the red after the Queen's Speech included legislation aiming to reduce motor insurance premiums.

Risers

Whitbread (WTB) 3,995.00p 3.69%
Centrica (CNA) 205.60p 1.73%
Anglo American (AAL) 975.20p 1.65%
Glencore (GLEN) 279.35p 0.99%
Rio Tinto (RIO) 3,029.00p 0.97%
Shire Plc (SHP) 4,408.00p 0.86%
ITV (ITV) 177.30p 0.85%
International Consolidated Airlines Group SA (CDI) (IAG) 595.50p 0.76%
Antofagasta (ANTO) 760.50p 0.66%
Wolseley (WOS) 4,910.00p 0.55%

Fallers

Provident Financial (PFG) 2,371.00p -17.24%
Hargreaves Lansdown (HL.) 1,329.00p -2.42%
St James's Place (STJ) 1,202.00p -2.04%
Direct Line Insurance Group (DLG) 360.40p -1.96%
BT Group (BT.A) 280.80p -1.92%
Standard Life (SL.) 390.80p -1.91%
Admiral Group (ADM) 2,026.00p -1.89%
Prudential (PRU) 1,786.00p -1.60%
Associated British Foods (ABF) 2,944.00p -1.34%
Worldpay Group (WPG) 319.20p -1.33%