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FTSE 100 movers: Sky rallies as Comcast trumps Fox's bid; Croda crumbles
(WebFG News) - London's FTSE 100 was down 1.2% to 7,339.34 in afternoon trade on Wednesday, with deal news for Shire and Sky doing nothing to lift the mood.
Specialty chemicals group Croda International was the worst performer despite saying it was on track to meet expectations for the year and posting a 4% rise in core sales for the first quarter.
GlaxoSmithKine was on the back foot after posting a 48% decline in net profit for the quarter to the end of March, as it took a hit from currency headwinds.
Antofagasta retreated after it said copper production fell 10.5% in the first quarter compared with the same period a year ago, mostly due to anticipated lower grades.
Intertek took a hit as Credit Suisse cut its stance on the stock 'underperform' from 'neutral' and slashed the price target to 4,600p from 5,450p to reflect slightly lower near-term forecasts and an increased risk in the testing sector.
On the upside, Sky was the standout gainer as Comcast made a formal £22bn offer for the broadcaster that represents a 16% premium to the offer from Rupert Murdoch's 21st Century Fox. Sky has now withdrawn its recommendation for the 21st Century bid.
Shire rose after its directors said they would be willing to recommend the latest takeover proposal from Takeda Pharmaceutical that was pitched at roughly £49 per share, subject to further conditions. The UK Takeover Panel has given the two companies a new deadline of 1700 BST on 8 May to conclude talks.
Building materials group CRH advanced after saying it saw like-for-like sales fall 2% in the first quarter, with first-half profits expected to be flat, but announced a 1bn share buyback to keep investors sweet.
British American Tobacco was also on the front foot despite saying it faced currency "headwind" this year that will hit profits. At the company's annual general meeting, chairman Richard Burrows said trading was challenging but the group was on track for good earnings growth excluding currency swings.
FTSE 100 - Risers
Sky (SKY) 1,351.00p 3.29%
CRH (CRH) 2,556.00p 2.77%
Imperial Brands (IMB) 2,439.50p 2.14%
British American Tobacco (BATS) 3,790.00p 1.23%
Reckitt Benckiser Group (RB.) 5,497.00p 0.99%
Shire Plc (SHP) 3,965.50p 0.90%
Compass Group (CPG) 1,501.50p 0.81%
Associated British Foods (ABF) 2,604.00p 0.77%
Next (NXT) 5,188.00p 0.74%
Pearson (PSON) 791.00p 0.66%
FTSE 100 - Fallers
Anglo American (AAL) 1,655.80p -5.25%
Croda International (CRDA) 4,417.00p -4.37%
Antofagasta (ANTO) 940.20p -3.81%
GlaxoSmithKline (GSK) 1,408.69p -3.66%
Ashtead Group (AHT) 2,041.00p -3.50%
Glencore (GLEN) 375.60p -2.67%
Smurfit Kappa Group (SKG) 3,022.00p -2.45%
Rio Tinto (RIO) 3,877.50p -2.44%
Intertek Group (ITRK) 4,781.00p -2.39%
easyJet (EZJ) 1,585.00p -2.34%