FTSE 100 movers: Property stocks gain; Burberry in the red

30th Aug 2024 14:22

(Sharecast News) - London's FTSE 100 was up 0.1% at 8,384.47 in afternoon trade on Friday.

Property stocks were on the rise, with LondonMetric, Land Securities and Segro all up.

Luxury fashion brand Burberry was under the cosh ahead of its expected demotion from the top-flight index.

Richard Hunter, head of markets at Interactive Investor, said: "A slowdown in consumer demand for luxury goods has weighed on the sector, with Chinese consumers particularly notable by their absence. Burberry grabbed the headlines in July for the wrong reasons, bringing forward its first quarter update amid some developments which came as a shock to investors.

"An immediate change of the chief executive was accompanied by a suspension of the dividend on the back of what the company itself described as a disappointing start to the year. Indeed, if the current levels of trading persist, the group could slip to an operating loss in the first half of the year.

"The shares have declined by 51% in the year to date and by 68% over the last year, leaving the group at number 144 in the overall market capitalisation rankings, where anything below 110 spells automatic relegation. The demise will see Burberry lose its FTSE 100 status after a run which stretches back to 2009, with a turnaround strategy not yet obviously in place."

Budget airline easyJet was also down amid the prospect of demotion in the next quarterly reshuffle next week.

FTSE 100 - Risers

LondonMetric Property (LMP) 204.40p 2.77%

Land Securities Group (LAND) 629.50p 2.03%

SEGRO (SGRO) 875.80p 1.81%

Vistry Group (VTY) 1,369.00p 1.78%

Severn Trent (SVT) 2,575.00p 1.70%

Unite Group (UTG) 961.00p 1.69%

Entain (ENT) 642.20p 1.61%

Haleon (HLN) 383.30p 1.35%

Barratt Developments (BDEV) 508.20p 1.19%

Sainsbury (J) (SBRY) 293.60p 1.17%

FTSE 100 - Fallers

Smith (DS) (SMDS) 466.00p -1.48%

Burberry Group (BRBY) 665.80p -1.48%

Whitbread (WTB) 2,896.00p -1.40%

easyJet (EZJ) 472.70p -1.36%

Relx plc (REL) 3,533.00p -1.26%

InterContinental Hotels Group (IHG) 7,560.00p -0.97%

Intermediate Capital Group (ICG) 2,144.00p -0.83%

BP (BP.) 431.90p -0.66%

Rolls-Royce Holdings (RR.) 497.00p -0.64%

Associated British Foods (ABF) 2,481.00p -0.60%