FTSE 100 movers: Ocado rallies on update; Kingfisher falls

Tue 15 Sep 2020

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 100 was up 1.1% in afternoon trade on Tuesday to 6,091.34.
Online grocer and technology firm Ocado rallied after it recorded a sharp rise in third-quarter revenue, driven by continued higher average spends as it forecast annual core earnings of 40m.

RSA Insurance was also in the black even as the Financial Conduct Authority claimed a partial victory in a closely-watched test case concerning business interruption payouts during the Covid-19 pandemic.

The City regulator brought the case on behalf of policyholders earlier this year, after a large number of claims made during the height of the pandemic and lockdown were rejected by insurers.

The industry claimed that these policies were never intended to cover government-imposed measures in a global pandemic.

RSA estimated that the additional financial impact of the judgement would be 104m on a gross basis across the portfolio of relevant business interruption policies.

However, that would be reduced to around 85m following the application of its catastrophe reinsurance protection, it said, "which is in turn expected to reduce further through qualifying as a loss covered by the group-wide aggregate reinsurance programme".

The blue chip also announced it was resuming dividend payouts, with the payment of the delayed interim dividend set at 8p per ordinary share.

Flutter Entertainment got a boost after peer William Hill said a multi-year deal between its US partner Caesars Entertainment and broadcaster ESPN will feature its sports betting apps and sports book odds.

Miners Rio Tinto, Glencore and Anglo American were all higher after Chinese industrial production and retail sales figures for August beat expectations.

On the downside, B&Q and Castorama owner Kingfisher was the worst performer on the index, followed by engine maker Rolls-Royce.

FTSE 100 - Risers

Ocado Group (OCDO) 2,517.00p 6.88%
RSA Insurance Group (RSA) 502.20p 6.85%
Smurfit Kappa Group (SKG) 3,046.00p 4.32%
Smith (DS) (SMDS) 288.40p 3.74%
Flutter Entertainment (FLTR) 12,205.00p 3.43%
Rio Tinto (RIO) 5,157.00p 3.14%
Glencore (GLEN) 187.28p 3.11%
Anglo American (AAL) 1,993.20p 2.88%
Ashtead Group (AHT) 2,931.00p 2.77%
M&G (MNG) 155.10p 2.58%

FTSE 100 - Fallers

Kingfisher (KGF) 273.00p -4.01%
Rolls-Royce Holdings (RR.) 206.20p -1.95%
International Consolidated Airlines Group SA (CDI) (IAG) 132.20p -1.60%
Informa (INF) 397.30p -1.56%
Compass Group (CPG) 1,297.50p -1.22%
Standard Chartered (STAN) 378.40p -0.99%
Vodafone Group (VOD) 108.70p -0.84%
Pearson (PSON) 515.80p -0.77%
Whitbread (WTB) 2,275.00p -0.74%
Avast (AVST) 537.00p -0.74%
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