FTSE 100 movers: AB Foods slumps after update; Babcock rallies again

(Sharecast News) - London's FTSE 100 was down 0.5% at 10,446.76 in afternoon trade on Wednesday. Ladbrokes owner Entain slumped again following reports a day earlier that all-night slot machine shops and casinos could face a £460m tax rise if Andy Burnham acts on his concerns about the gambling industry as prime minister.

Associated British Foods fell as it said that Primark's third-quarter like-for-like sales fell 2.2% as the Iran war and unseasonal UK spring weather hit consumer sentiment. The diversified group held annual guidance despite an expected £25m-60m loss at its sugar business.

JD Sports was also in the red as US sportswear brand Nike fell after its latest earnings.

Housebuilder Barratt Redrow lost ground after industry data showed that house prices were flat in June on the back of cautious consumer sentiment.

According to the latest Nationwide house price index, prices rose 2.2% on an annual basis but were broadly unchanged month-on-month, following a 0.6% decline a month earlier. Economists had expected a slightly higher annual increase, of 2.4%. The average house price now stands at £277,484.

On the upside, Babcock racked up strong gains again after the British government announced a £15bn hike in defence spending on Tuesday. BAE Systems also rose.

FTSE 100 - Risers

Babcock International Group (BAB) 991.60p 3.99% Sainsbury (J) (SBRY) 326.30p 2.25% Abrdn (ABDN) 243.20p 2.10% Flutter Entertainment (DI) (FLTR) 7,724.00p 2.09% Coca-Cola Europacific Partners (DI) (CCEP) 7,760.00p 2.04% ICG (ICG) 1,714.00p 1.60% IG Group Holdings (IGG) 1,848.00p 1.54% Scottish Mortgage Inv Trust (SMT) 1,488.00p 1.43% Pearson (PSON) 1,213.50p 1.30% BAE Systems (BA.) 1,867.00p 1.27%

FTSE 100 - Fallers

Entain (ENT) 534.80p -5.54% Associated British Foods (ABF) 1,911.00p -3.83% Compass Group 11 (CPG) 31.30p -3.16% Diageo (DGE) 1,479.00p -2.92% JD Sports Fashion (JD.) 82.38p -2.88% Croda International (CRDA) 2,940.00p -2.78% Barratt Redrow (BTRW) 274.60p -2.49% Burberry Group (BRBY) 1,039.00p -2.26% British American Tobacco (BATS) 4,587.00p -2.16% Pershing Square Holdings Ltd NPV (PSH) 3,660.00p -2.04%