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FTSE 100 movers: PM's speech hits energy companies, Tesco also weighs

Wed, 4th Oct 2017 13:02

(ShareCast News) - London's blue chip stocks closed in the red on Wednesday, with energy companies reeling after Theresa May confirmed the government's intention to impose a price cap on utility bills.

The Prime Minister said legislation would be introduced into parliament next week for an energy price cap, in an attempt to end "rip-off energy prices", which sent Centrica and SSE shares lower.

ETX Capital analyst Neil Wislon said Centrica was likely to be particularly badly hit. "As noted when the policy was mooted back in May ahead of the snap election, any move to cap prices would be a massive hit to the industry," Wilson said, suggesting it could cost Centrica around 200m "and make it much tougher for the firm to reintroduce the progressive dividend policy".

Tesco fell despite reinstating its dividend after a three-year hiatus with a 1p half-year payout as sales and profits rose more than City forecasts. But shares in from Britain's biggest grocer fell more than 3% from recent five-month highs as analysts and investors dug deeper, finding disappointment in UK like-for-like sales slowing in the second quarter to 2.1% from 2.3% in the first.

Miners Anglo American and Glencore were higher amid a weaker dollar. Overnight, South Africa's Solidarity trade union also made favourable sounds about a wage agreement, following extensive coal industry negotiations. According to a Mining Weekly report, Anglo American and Glencore were towards the top end of the wage range

Retailer Kingfisher was higher as chairman Andy Cosslett snapped up 0.3m of shares.

Ferguson was higher as a raft of positive analyst notes flowed the day after its results update.

Market Movers

FTSE 100 (UKX) 7,467.58 -0.01%

FTSE 250 (MCX) 20,029.42 -0.03%

FTSE 100 - Risers

WPP (WPP) 1,403.00p 2.86%

Anglo American (AAL) 1,430.00p 2.36%

Mondi (MNDI) 2,119.00p 2.07%

Ferguson (FERG) 5,150.00p 1.78%

Glencore (GLEN) 359.40p 1.64%

Coca-Cola HBC AG (CDI) (CCH) 2,558.00p 1.47%

Kingfisher (KGF) 306.10p 1.46%

GKN (GKN) 354.00p 1.37%

TUI AG Reg Shs (DI) (TUI) 1,298.00p 1.25%

Paddy Power Betfair (PPB) 7,540.00p 1.21%

FTSE 100 - Fallers

Centrica (CNA) 179.30p -6.08%

Tesco (TSCO) 183.95p -3.21%

SSE (SSE) 1,367.00p -3.19%

Sainsbury (J) (SBRY) 241.60p -2.38%

Standard Life Aberdeen (SLA) 425.10p -2.03%

Morrison (Wm) Supermarkets (MRW) 231.90p -1.99%

easyJet (EZJ) 1,278.00p -1.46%

Next (NXT) 5,245.00p -1.41%

Aviva (AV.) 498.90p -1.31%

International Consolidated Airlines Group SA (CDI) (IAG) 615.50p -1.12%

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