FTSE 100 Dips – Big Movers This Morning (EZJ, BT., WSOG, CTEC)

Markets in London dipped this morning in early trading as a range of corporate news swirled around, affecting various heavyweight performers. Notably, the FTSE 100 slipped relatively firmly on the open, now down 0.4%, as ex-dividend stocks applied downward pressure on the index, whilst the FTSE 250 has risen slightly (+0.14%).

Big movers on the day so far from the London Stock Exchange.

One of the key stories capturing the market's attention is the announcement of Johan Lundgren's departure as CEO of EasyJet. After leading the airline for over seven years, Lundgren has decided to retire in early 2025. Kenton Jarvis, currently serving as the CFO, will take the helm as his successor.

This executive shuffle occurs as the airline industry confronts the challenges of post-pandemic recovery and evolving consumer trends. Easyjet shares (LON: EZJ) have responded negatively so far to the news, and earnings, down almost 6%.

“EasyJet's targeted growth and focus on productivity has delivered a reduction in winter losses, boosted by our trusted brand and network that we continue to invest in”

Outgoing Easyjet CEO Johan Lundgren

In telecommunications, BT Group captured the spotlight despite a 31% plunge in annual profits. Investor sentiment appeared somewhat resilient as the company’s shares ascended to the top of the FTSE 100, buoyed by BT's bold plans to enact cost savings which are projected to reach £3bn annually by the decade's end. LON: BT. shares are up almost 11% in early trading.

The luxury sector also painted a vivid picture against the backdrop of the broader market, with Watches of Switzerland reporting a promising 4% uptick in sales. The company's performance was particularly strong in the US, instilling “cautious optimism” in their outlook for future trading.

This marks a contrast to the general market trend and underscores the nuanced landscape across different sectors. Shares in the firm (LON: WOSG) soared by more than 15% at one point, and now are trading close to 10% above the last close.

The healthcare industry also presented a mixed bag, with Convatec maintaining its top-level guidance for 2024. Nevertheless, the company’s stock (LON: CTEC) endured a decline of 3.83%, as revised growth expectations in the advanced wound care division sparked concerns. The lowered forecasts are attributed to “short-term uncertainty,” signalling the challenges that the healthcare sector may face in the near future.

In what has been a busy opening, with movers on both sides of the divide, we will take a closer look at some of these names as the day progresses.