FTSE 100 movers: IAG leaps on strong Q3 results

8th Nov 2013 14:51

International Consolidated Airlines Group (IAG) charged higher after it delivered a "strong" set of third quarter results which showed British Airways' performance had taken off aided by the bounce back from the Olympics effect last year. The airlines group reported three month pre-tax profit had soared to €609m from €237m last time after revenues rose 6.9% to €5.4bn and costs fell 1.5%. Third quarter passenger unit revenue was up 6.7%.Rolls-Royce shares also jumped after it said it expects the full year to achieve modest growth in underlying revenue and underlying profit with cash flow around breakeven, according to a trading update out this morning. However, the engine manufacturer has changed its underlying profit guidance in its Defence Aerospace business from broadly flat to modest growth and in Marine from modest growth to broadly flat.Shares in Meggitt continued to recover after last week's double dose of bad news which saw the company reveal trading had been "slightly" below expectations and a supply hiccup could cost the company as much as £20m. The share price was given a lift this week when its CFO grew his stake with a £75,807 purchase of shares. Meanwhile, Schroders extended yesterday's losses as investors continued to cash in on strong gains seen in the share price over the past year (around 65%). The group yesterday reported a sharp rise in third quarter profits helped by its recent acquisition of Cazenove Capital. The fund manager said pre-tax profits rose to £106.2m in the three months to the end of September from £88.6m in the same period last year on the back of revenues which rose to £366m from £276.5m. Aberdeen Asset Management was also in the red on reports it faces competition for its potential purchase of Scottish Widows Investment Partnership (SWIP). According to the Wall Street Journal, Macquarie Group is planning to put in a £500m bid for SWIP. Aberdeen last month said it was in discussions with Lloyds about a possible purchase. Mining stocks tracked metal prices lower, with gold down 1.7% and silver 1.2% lower. Randgold Resources, Vedanta Resources, Antofagasta, Anglo American, Fresnillo, and Glencore Xstrata were all firmly lower. FTSE 100 - RisersInternational Consolidated Airlines Group SA (CDI) (IAG) 371.00p +6.30%Rolls-Royce Holdings (RR.) 1,204.00p +2.91%Bunzl (BNZL) 1,421.00p +2.16%Meggitt (MGGT) 515.00p +1.48%Imperial Tobacco Group (IMT) 2,374.00p +1.45%Standard Chartered (STAN) 1,481.00p +1.20%easyJet (EZJ) 1,214.00p +1.17%Tate & Lyle (TATE) 797.50p +0.82%Babcock International Group (BAB) 1,289.00p +0.55%Johnson Matthey (JMAT) 3,007.00p +0.50%FTSE 100 - FallersAberdeen Asset Management (ADN) 421.40p -4.75%Randgold Resources Ltd. (RRS) 4,708.00p -3.62%Schroders (SDR) 2,401.00p -3.61%Vedanta Resources (VED) 1,027.00p -3.11%William Hill (WMH) 383.40p -2.79%Antofagasta (ANTO) 823.50p -2.54%Anglo American (AAL) 1,474.00p -2.51%CRH (CRH) 1,514.00p -2.01%Fresnillo (FRES) 950.50p -2.01%Glencore Xstrata (GLEN) 326.30p -2.01%NR