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FTSE 100 movers: EasyJet flies higher on update; miners retreat
London's FTSE 100 was up 0.1% to 7,723.01, with miners holding back gains as EasyJet flew higher after solid first-quarter numbers.
EasyJet was the standout gainer after it reported 14.4% higher sales and 1.6% lower costs for the first quarter of its financial year as it benefited from the bankruptcies of Monarch, Air Berlin and Alitalia and from Ryanair's flight cancellations.
The £1.14bn of sales in the quarter ended 31 December came from an 8% increase in passengers to 18.8m as capacity grew 5.5% to 20.4m seats and load factor by 2.1 percentage points to 92.1%.
Croda International was a high riser after Berenberg upgraded its stance on the speciality chemicals group to 'buy' from 'hold' and lifted the price target to 50p from 41.50p as it pointed to organic growth and the scope for cash returns.
Sky was also in the black even as the competition regulator dealt a blow to 21st Century Fox and its planned takeover of the broadcaster. The Competition and Markets Authority said it has provisionally found that Fox taking full control of Sky "is not in the public interest" due to media plurality concerns.
Medical technology group Smith & Nephew gained after saying that changes to the US tax system should reduce its corporate tax rate from 2018 by four to five percentage points. The company expects the changes - which will see corporate tax cut to 21% from 35% - to reduce its tax rate from this year to between 20% and 21% from previous guidance of around 25%.
On the downside, miners retreated as metals prices dropped, with Anglo American, Antofagasta and Glencore all lower.
Advertising agency WPP was also under the cosh as Credit Suisse cut the stock to 'neutral' from 'outperform, noting the company is facing flat revenue growth and margins in 2018.
Risers
easyJet (EZJ) 1,644.00p 5.15%
NMC Health (NMC) 3,476.00p 3.45%
Mediclinic International (MDC) 627.40p 2.92%
Croda International (CRDA) 4,598.00p 2.89%
Ashtead Group (AHT) 2,181.00p 2.44%
Smith (DS) (SMDS) 513.20p 2.35%
Sky (SKY) 1,025.50p 2.24%
Smith & Nephew (SN.) 1,261.00p 2.06%
CRH (CRH) 2,766.00p 1.84%
Standard Chartered (STAN) 838.70p 1.81%
Fallers
Anglo American (AAL) 1,727.40p -3.62%
Antofagasta (ANTO) 968.40p -2.65%
Evraz (EVR) 385.90p -2.40%
Glencore (GLEN) 392.75p -2.40%
WPP (WPP) 1,333.50p -1.84%
Direct Line Insurance Group (DLG) 366.40p -1.82%
United Utilities Group (UU.) 753.80p -1.80%
Fresnillo (FRES) 1,373.50p -1.44%
Bunzl (BNZL) 1,963.55p -1.35%
National Grid (NG.) 819.20p -1.06%