FTSE 100 movers: IHG leads markets higher on bid rumours

InterContinental Hotels Group shares surged on Tuesday after Sky News reported that the the company rejected a 6bn-pound takeover bid on the grounds that it was too low. While the identity of the bidder has not been confirmed, analysts have suggested that the proposal could have come from Starwood Hotels & Resorts Worldwide.Lloyds rose after confirming it will float a quarter of shares in TSB on the London Stock Exchange in June, subsequently causing shares in the exchange operator to rise.British Airways and Iberia owner IAG was flying high after Goldman Sachs said it sees a continued acceleration in passenger growth across the European travel sector, "in line with an improving European economic outlook and airline capacity reactivations". Meanwhile, ARM Holdings was another high riser after Numis Securities lifted its target price for the stock from 880p to 920p following the chip designer's investor day, which "increased visibility of significant share gains in network infrastructure which can be a material growth driver over the next five years".Heading the other way was AstraZeneca after US pharmaceutical giant Pfizer called an end to its takeover pursuit following continued rejections from the board of the Anglo-Swedish rival. Societe Generale was weighing further on AstraZeneca's share price after cutting its rating on the stock from 'hold' to 'sell'.Rio Tinto was also trading in the red after signing an 'investment framework' with its partners to develop $20bn-worth of iron ore deposits in Guinea, representing the largest combined iron ore and infrastructure project ever developed in Africa.Retailing giant Tesco fell after calling an end to talks regarding a potential partnership for its struggling hypermarket chain in Turkey. The group said that the best option now to drive value from its Kipa division will be to accelerate its plans to "focus the business on its heartlands, minimise capital spend and improve profitability".FTSE 100 - RisersInterContinental Hotels Group (IHG) 2,316.00p +4.04%ARM Holdings (ARM) 913.50p +3.57%International Consolidated Airlines Group SA (CDI) (IAG) 391.00p +3.06%Weir Group (WEIR) 2,601.00p +2.97%London Stock Exchange Group (LSE) 1,902.00p +2.70%Travis Perkins (TPK) 1,715.00p +2.69%Sage Group (SGE) 412.30p +2.66%Ashtead Group (AHT) 887.50p +2.54%CRH (CRH) 1,673.00p +2.45%Whitbread (WTB) 4,219.00p +2.30%FTSE 100 - FallersAstraZeneca (AZN) 4,228.00p -2.31%Morrison (Wm) Supermarkets (MRW) 199.80p -1.43%Severn Trent (SVT) 1,898.00p -1.35%Fresnillo (FRES) 838.00p -1.30%Smiths Group (SMIN) 1,305.00p -1.29%Anglo American (AAL) 1,562.00p -0.73%Sainsbury (J) (SBRY) 341.20p -0.73%Rio Tinto (RIO) 3,235.50p -0.68%Tesco (TSCO) 302.55p -0.53%SSE (SSE) 1,538.00p -0.45%BC