(Sharecast News) – London’s FTSE 100 was down 0.1% at 6,750.71 in afternoon trade on Wednesday.
Just Eat Takeaway was on the back foot even as it said revenue rose by more than 50% in 2020 after UK delivery orders increased 387% in the fourth quarter.
Spreadex analyst Connor Campbell said that while the results might look good at a glance, growth in the second half of 2020 came at a cost, with underlying profit margins dropping from 42% in H1 to 10% for the full year, “reflecting the substantial investments made in Q4”.
“It was this disclaimer that caused investors to send back their order,” he said.
Housebuilder Persimmon declined as it reported a drop in full-year completions and revenue. Peer Barratt also lost ground.
Supermarkets were the top risers, with Sainsbury’s, Morrisons and Ocado all higher after French peer Carrefour said Canada’s Alimentation Couche-Tard had made a friendly approach on a potential merger.
Elsewhere, Intertek was boosted by an upgrade to ‘hold’ at HSBC.
London Stock Exchange gained after the European commission approved its $27bn (£24bn) takeover of Refinitiv, clearing the way for a new data-to-clearing financial combination.
LSE agreed to buy Refinitiv, Reuters’ former financial and risk division, in August 2019 but completion has been slowed by competition scrutiny and coronavirus. The US approved the deal last year and European sign-off was seen as the main remaining obstacle.
FTSE 100 – Risers
Sainsbury (J) (SBRY) 242.70p 3.19%
Next (NXT) 7,910.00p 3.13%
Ocado Group (OCDO) 2,553.00p 2.57%
Morrison (Wm) Supermarkets (MRW) 185.00p 2.41%
DCC (DCC) 5,704.00p 2.41%
Pennon Group (PNN) 969.80p 2.23%
Intertek Group (ITRK) 5,692.00p 2.04%
Bunzl (BNZL) 2,516.00p 1.99%
London Stock Exchange Group (LSE) 9,150.00p 1.94%
Vodafone Group (VOD) 128.04p 1.86%
FTSE 100 – Fallers
Just Eat Takeaway.Com N.V. (CDI) (JET) 8,600.00p -5.18%
Persimmon (PSN) 2,645.00p -5.03%
International Consolidated Airlines Group SA (CDI) (IAG) 152.45p -3.45%
Barratt Developments (BDEV) 671.60p -2.67%
Rolls-Royce Holdings (RR.) 104.95p -2.60%
Burberry Group (BRBY) 1,717.50p -2.50%
Entain (ENT) 1,389.00p -2.25%
HSBC Holdings (HSBA) 404.40p -2.03%
Standard Chartered (STAN) 502.20p -1.80%
Flutter Entertainment (FLTR) 15,285.00p -1.74%