FTSE 100 movers: Burberry in fashion as Frere lifts stake; easyjet descends
Burberry shares spiked on Monday afternoon after billionaire Albert Frere lifted his stake in the high-end fashion retailer to 4% from 3%.
The shares moved to second on the top 10 risers for the day, up almost 2%. They had initially jumped 6% on news of the Belgian tycoon's purchase.
EasyJet and British Airways owner IAG were among the big fallers as budget airline rival Ryanair warned on the tough pricing environment that will see average fares drop in the second half, even though the Irish carrier announced a huge jump in quarterly profits.
Non-life insurers Direct Line and Admiral were lower against a sector backdrop that included a report from the AA that car insurance premiums have risen nearly 20% in the past year to a 23-year high, with warnings of a possible rise in Insurance Premium Tax in this year Budget.
Prices have been forced up due to government's steep hike in February of formula used to calculate personal injury compensation, more than doubling payouts for life-changing injuries. Cheap insurance policies are typically loss leading for insurers.
Michael Lloyd, the AA’s insurance director, said: “I fear that the Chancellor may once again target IPT in the autumn Budget as a quick win to fill in some of the government’s financial potholes.”
FTSE 100 (UKX) 7,376.42 -1.03%
FTSE 250 (MCX) 19,568.64 -0.92%
techMARK (TASX) 3,501.58 -0.80%
FTSE 100 - Risers
Micro Focus International (MCRO) 2,228.00p 1.50%
Burberry Group (BRBY) 1,665.00p 1.34%
Anglo American (AAL) 1,102.50p 1.01%
Standard Chartered (STAN) 819.10p 0.66%
Barclays (BARC) 205.65p 0.29%
Rolls-Royce Holdings (RR.) 924.50p 0.27%
HSBC Holdings (HSBA) 736.00p 0.12%
Antofagasta (ANTO) 887.50p 0.11%
Wolseley (WOS) 4,503.00p 0.07%
Glencore (GLEN) 313.60p 0.02%
FTSE 100 - Fallers
Provident Financial (PFG) 2,254.00p -4.73%
Next (NXT) 3,706.00p -3.16%
Reckitt Benckiser Group (RB.) 7,633.00p -3.15%
easyJet (EZJ) 1,273.00p -2.97%
St James's Place (STJ) 1,183.00p -2.95%
Admiral Group (ADM) 2,000.00p -2.58%
Convatec Group (CTEC) 305.20p -2.55%
Direct Line Insurance Group (DLG) 366.80p -2.37%
Smurfit Kappa Group (SKG) 2,262.00p -2.29%
Severn Trent (SVT) 2,196.00p -2.18%