FTSE 100 movers: Worldpay rallies but Legal & General slumps on results

London’s FTSE 100 index was up 0.3% to 6,833.83 in afternoon trade, with earnings providing a boost as investors sifted through a raft of data releases.

Payments processor Worldpay – which floated on the London Stock Exchange last year – was the standout gainer after it reported a rise in first-half underlying earnings and pre-tax profit amid strength in all its businesses, as it declared a maiden interim dividend of 0.65p per share.

For the six months to the end of June, pre-tax profit rose to £168.6m from £0.3m in the first half of 2015 as revenue jumped 10% to £2.14bn.

Net revenue was up 16% to £539.7m, while underlying earnings before interest, tax, depreciation and amortisation were 19% higher at £217.9m.

Standard Life racked up healthy gains at it posted an 18% increase in operating profit before tax for the first half thanks to diversification, as its assets under management grew. Operating profit before tax rose to £341m, with assets under management up 7% to £328bn, helped by gross inflows into its growth channels of £20.6bn and net inflows of £4.1bn

EasyJet flew higher after Cantor Fitzgerald upgraded the stock to ‘buy’ from ‘hold’ and lifted the price target to 1,300p from 1,200p.

The brokerage said EasyJet’s low-cost business model is resilient and has generated strong profits and taken significant market share in previous difficult macro environments.

It noted the stock is down 40% year-to-date due to concerns about trading, disruption to operations and Brexit. However, Cantor said these concerns are overdone and the stock is oversold.

Shares in Smiths Group rallied on Tuesday after the company sounded an optimistic note on its prospects for the full year.

Smiths said full year revenue is expected to be above both expectations and the previous year thanks to a stronger operational performance, principally in Smiths Detection, and the favourable impact of a stronger US dollar.

Morrisons pushed higher after the supermarket agreed a new deal with Ocado, ending their profit-sharing agreement but with the grocer taking roughly 30% capacity of the online specialist's new Customer Fulfilment Centre ("CFC") in Erith and increasing its Morrisons.com non-food range.

On the downside, Legal & General was on the back foot after saying first-half profits increased by almost a quarter as strong growth from the annuity arm offset declines at investment management and insurance.

Housebuilders were under the cosh, with Barratt Developments, Travis Perkins, Berkeley Group, Taylor Wimpey and British Land all firmly in the red.

Risers

Worldpay Group (WI) (WPG) 316.70p 5.08%
Standard Life (SL.) 333.10p 4.58%
easyJet (EZJ) 1,072.00p 3.18%
Smiths Group (SMIN) 1,328.00p 2.95%
TUI AG Reg Shs (DI) (TUI) 1,004.00p 2.50%
Standard Chartered (STAN) 664.50p 2.33%
Morrison (Wm) Supermarkets (MRW) 192.00p 2.13%
Barclays (BARC) 160.70p 2.10%
Royal Bank of Scotland Group (RBS) 188.20p 1.89%
Tesco (TSCO) 157.45p 1.84%

Fallers

Legal & General Group (LGEN) 205.00p -6.01%
Carnival (CCL) 3,595.00p -2.20%
Sky (SKY) 890.50p -1.93%
Barratt Developments (BDEV) 428.50p -1.70%
Travis Perkins (TPK) 1,541.00p -1.53%
Berkeley Group Holdings (The) (BKG) 2,628.00p -1.09%
Taylor Wimpey (TW.) 151.40p -1.05%
Land Securities Group (LAND) 1,088.00p -1.00%
Aviva (AV.) 419.00p -0.95%
British Land Company (BLND) 659.50p -0.90%