FTSE 100 movers: L&G surges to the top; 3i tanks as Action sales slow

(Sharecast News) - London's FTSE 100 was up 0.1% at 10,337.76 in afternoon trade on Thursday. Legal & General was the top gainer on the index following a report that potential bidders, including insurers and alternative asset managers, had been running the rule over the business.

The Financial Times quoted a US private capital executive as saying that it was "getting pretty real" as far as groups drawing up plans to bid for L&G. "People are spending real money on this now," the source said.

Meanwhile, an L&G insider told the FT: "It feels like we're being dressed up for a sale."

Core businesses, such as index funds in the asset management arm, were "keeping the lights on", they said. "But they know they've got a structural problem and they are trying to throw everything at it."

3i Group tanked as the private equity and infrastructure investment firm pointed to slowing sales at its biggest holding, Dutch discount retailer Action.

Burberry was also in the red as it hailed a "meaningful inflection point" as it swung to a full-year profit, underpinned by growth in the Americas and China, but investors were left disappointed by a weaker performance in the Middle East and a cautious outlook.

Coca-Cola HBC, BP and Pershing Square all fell as they traded without entitlement to the dividend.

FTSE 100 - Risers

Legal & General Group (LGEN) 263.40p 6.04% Airtel Africa (AAF) 373.40p 3.78% British American Tobacco (BATS) 4,921.00p 3.41% Entain (ENT) 544.20p 3.07% Imperial Brands (IMB) 2,838.00p 2.94% Admiral Group (ADM) 3,264.00p 2.90% Associated British Foods (ABF) 1,807.00p 2.73% Whitbread (WTB) 2,327.00p 2.47% Barclays (BARC) 431.35p 2.18% Halma (HLMA) 4,654.00p 2.11%

FTSE 100 - Fallers

3i Group (III) 2,201.00p -9.25% Burberry Group (BRBY) 1,089.00p -5.81% Babcock International Group (BAB) 994.40p -2.15% Metlen Energy & Metals (MTLN) 39.70p -1.19% Coca-Cola HBC AG (CDI) (CCH) 4,214.00p -1.17% BP (BP.) 538.40p -1.03% Pershing Square Holdings Ltd NPV (PSH) 4,088.00p -0.92% Tesco (TSCO) 458.20p -0.91% Antofagasta (ANTO) 4,276.00p -0.58% International Consolidated Airlines Group SA (CDI) (IAG) 389.50p -0.49%