FTSE 100 Drops Amid Downgrade to Coca-Cola HBC

The FTSE 100 index was down by 0.4% to 10,858.04 in afternoon trade on Monday.

Coca-Cola HBC's stock price fell after a downgrade from BNP Paribas to 'neutral' from 'outperform', citing limited further upside following the strong run of the stock. The bank also downgraded Legal & General to 'sell' and cut its price target to 245p.

Glencore was an exception, gaining on Deutsche Bank's positive assessment that it has a compelling bottom-up story. The bank expects near-term progress on divestments, higher shareholder returns, and potential revival of merger talks with Rio once both companies have made progress on divestments.