FTSE 100 movers: Mondi surges on strong profits, Admiral hit by CEO resignation

13th May 2015 13:15

UK stocks rebounded on Wednesday, driven by the Bank of England pushing back rate-hike predictions and a dip in unemployment. Sector-wise, property stocks extended gains, while miners and supermarkets dipped.As of 02:10, the FTSE 100 was trading 9 points, or 0.28% higher at 6,954, with Mondi topping the blue chip leaderboard.The paper and packaging giant posted profits up 29% in the first quarter on the back of higher volumes and lower costs across Europe. Analysts said the strengthening of the US dollar versus the euro provided a net benefit to the group, both through translation of dollar-denominated sales and being able to offer discounts for a number of key paper grades.Housebuilder Barratt Developments was trading higher as it raised expectations for housing completions and profits for the full year. The company said the improved outlook was thanks to strong consumer demand for new build houses and expectations of a supportive government policy post-election, with the threat of Labour's mansion tax firmly eliminated.Shore Capital noted that the unit sales increase came mainly from a faster run down of "older, lower margin, legacy sites not core sites and may have arisen through a deliberate policy to close out these sites more rapidly".Shares in brewer SABMiller were boosted after its full-year profits came in above market expectations, as China returned to growth during the last quarter of the year. Adjusted profits were down by a less-than-expected 1% thanks to a 30 basis-point increase in EBITA margin from a cost and efficiency programme.TUI led the fallers despite better headline results than expected. The Anglo-German travel giant confirmed at an investor call later that it was looking to sell its UK accommodation-only retailer Laterooms. The shares were likely hit by profit-taking, with Nomura noting that TUI has outperformed the Eurotop 300 by 12% year to date in absolute terms.Catering company Compass Group was in the red despite saying its full-year guidance remains "positive and unchanged" as it reported an increase in first-half earnings. However, the firm did warn that it remained cautious over the economic environment in some emerging markets.Admiral was also weaker on the news that chief executive of the motor insurer, Henry Engelhardt, is stepping down in a year's time, to be replaced by co-founder and current Admiral chief operating officer David Stevens.Morrisons and Sainsbury both retreated from the post-election gains built up on Monday. RisersMondi (MNDI) 1,426.00p +9.86%Barratt Developments (BDEV) 567.00p +3.94%Persimmon (PSN) 1,812.00p +3.66%Taylor Wimpey (TW.) 183.00p +2.81%Ashtead Group (AHT) 1,169.00p +2.63%Travis Perkins (TPK) 2,160.00p +2.56%Capita (CPI) 1,279.00p +2.32%Fresnillo (FRES) 730.00p +2.31%International Consolidated Airlines Group SA (CDI) (IAG) 562.00p +2.09%Sports Direct International (SPD) 669.50p +2.06%FallersTUI AG Reg Shs (DI) (TUI) 1,219.00p -2.71%Compass Group (CPG) 1,132.00p -2.67%Sainsbury (J) (SBRY) 274.20p -1.72%Admiral Group (ADM) 1,453.00p -1.49%Morrison (Wm) Supermarkets (MRW) 178.60p -1.43%HSBC Holdings (HSBA) 612.70p -1.18%Tesco (TSCO) 225.05p -1.06%Centrica (CNA) 275.60p -0.97%National Grid (NG.) 882.90p -0.86%BHP Billiton (BLT) 1,564.00p -0.70%