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FTSE 100 movers: StanChart rallies on results; Diageo slumps
(Sharecast News) - London's FTSE 100 was flat at 8,293.37 in afternoon trade on Tuesday.
Asia-focused bank Standard Chartered was a high riser as it unveiled its biggest-ever share buyback and lifted guidance as interim earnings beat estimates.
The company said it would buy back $1.5bn in shares starting immediately. Pre-tax profit for the first six months of the year rose 5% to $3.5bn, compared with average forecasts of $3.46bn.
StanChart said it now expects operating income to grow more than 7% at constant currency rates compared with a previous projection of between 5% and 7%.
Weir Group gained as the engineering firm reported a small rise in first-half adjusted profits and said that strong aftermarket demand had bolstered its project outlook, but said full-year revenues will likely miss forecasts.
Convatec was weaker despite confirming its full-year and medium-term guidance.
Diageo slumped after it reported a drop in full-year organic operating profit as it pointed to a weaker performance in Latin America and the Caribbean (LAC).
Chemicals company Croda was under pressure after cutting its full-year profit outlook as it pointed to a weaker-than-expected performance in the life sciences segment, with continued destocking in crop protection and consumer health.
Glencore was in the red after a half-year production update.
FTSE 100 - Risers
Standard Chartered (STAN) 774.00p 6.49% Weir Group (WEIR) 2,018.00p 4.56% Burberry Group (BRBY) 752.80p 2.34% Beazley (BEZ) 671.50p 1.90% Rolls-Royce Holdings (RR.) 447.70p 1.80% Reckitt Benckiser Group (RKT) 4,166.00p 1.78% Melrose Industries (MRO) 579.60p 1.58% Admiral Group (ADM) 2,710.00p 1.46% Centrica (CNA) 132.85p 1.45% InterContinental Hotels Group (IHG) 8,122.00p 1.45%
FTSE 100 - Fallers
Convatec Group (CTEC) 237.00p -5.88% Diageo (DGE) 2,423.00p -4.89% Croda International (CRDA) 3,960.00p -3.51% Glencore (GLEN) 414.70p -2.98% Entain (ENT) 579.80p -2.82% Anglo American (AAL) 2,274.00p -2.80% Smurfit Westrock (DI) (SWR) 3,659.00p -2.32% Sage Group (SGE) 1,065.50p -1.93% Lloyds Banking Group (LLOY) 60.10p -1.64% NATWEST GROUP (NWG) 366.90p -1.21%
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