London’s FTSE 100 was up 1.3% at 6,715.61 in afternoon trade on Monday.
Publisher Pearson was the top gainer after the education publisher maintained its dividend as it delivered lower annual profits offset by a rise in online learning, reflecting school closures during the Covid-19 pandemic. The company also said it would refocus the business towards a direct-to-consumer model.
Travel and leisure-related stocks were on the rise, with engine maker Rolls-Royce, InterContinental Hotels, GKN owner Melrose and Premier Inn owner Whitbread all up.
On the downside, BT slumped after the telecoms company denied accusations that former chairman Jan du Plessis was forced out last week because he was holding up the pace of strategic decisions. The company was forced to issue a statement after reports last week that chief executive Philip Jansen threatened to leave unless du Plessis was replaced
The stock was also hit by a downgrade to ‘sell’ at Numis, which said BT is unlikely to benefit from some of the tax benefits announced by the chancellor in last week’s Budget.
FTSE 100 – Risers
Pearson (PSON) 828.00p 8.95%
Rolls-Royce Holdings (RR.) 114.85p 5.80%
Persimmon (PSN) 3,060.00p 5.30%
Informa (INF) 584.20p 5.26%
InterContinental Hotels Group (IHG) 5,060.00p 4.52%
Melrose Industries (MRO) 181.30p 4.14%
Taylor Wimpey (TW.) 177.90p 4.10%
Whitbread (WTB) 3,549.00p 3.98%
Lloyds Banking Group (LLOY) 41.66p 3.96%
WPP (WPP) 923.00p 3.92%
FTSE 100 – Fallers
London Stock Exchange Group (LSEG) 7,744.00p -4.68%
B&M European Value Retail S.A. (DI) (BME) 519.40p -3.35%
Avast (AVST) 431.20p -3.32%
Rentokil Initial (RTO) 469.10p -2.84%
BT Group (BT.A) 137.55p -2.76%
Intertek Group (ITRK) 5,228.00p -2.64%
United Utilities Group (UU.) 878.80p -2.31%
Morrison (Wm) Supermarkets (MRW) 172.30p -2.07%
Sainsbury (J) (SBRY) 225.10p -2.00%
Pennon Group (PNN) 936.80p -1.97%
