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FTSE 100 movers: Admiral rallies on upgrade; IAG flies lower
(Sharecast News) - London's FTSE 100 was down 0.2% at 7,482.14 in afternoon trade on Tuesday. IAG flew lower after the BA and Iberia owner set out its medium-term targets and pledged its commitment to resume paying dividends once its balance sheet and investment plans are "secure".
Coca-Cola HBC shot to the top of the index after announcing the launch of a share buyback programme that will see it return up to €400m to shareholders. The buyback is expected to run for around two years.
The company said it believes the current share price undervalues its future growth opportunities.
Chief executive Zoran Bogdanovic said: "With our cash-generative business and a strong balance sheet today, we believe that the current market weakness presents a compelling opportunity for us to deploy excess capital through a buyback programme and deliver enhanced shareholder value."
JD Sports was also a high riser after US peer Dick's Sporting Goods lifted its full-year outlook following a "strong" third quarter.
Admiral rallied as Citi upgraded the shares to 'buy' from 'sell' as it said its 'Deep Dive' report had suggested consensus is too conservative on the impacts of recent pricing on topline estimates and the implications of the Ogden discount rate changes in 2024.
FTSE 100 - Risers
Coca-Cola HBC AG (CDI) (CCH) 2,197.00p 5.17% JD Sports Fashion (JD.) 144.95p 4.21% Admiral Group (ADM) 2,684.00p 2.36% CRH (CDI) (CRH) 4,821.00p 1.64% Taylor Wimpey (TW.) 127.50p 1.03% Barratt Developments (BDEV) 491.60p 0.90% National Grid (NG.) 1,027.50p 0.69% Pearson (PSON) 961.40p 0.61% Associated British Foods (ABF) 2,356.00p 0.51% Imperial Brands (IMB) 1,856.00p 0.43%
FTSE 100 - Fallers
Ocado Group (OCDO) 569.20p -4.46% International Consolidated Airlines Group SA (CDI) (IAG) 157.10p -3.97% Entain (ENT) 829.40p -3.47% Prudential (PRU) 917.60p -2.38% Centrica (CNA) 147.60p -2.19% Unite Group (UTG) 965.00p -1.93% SEGRO (SGRO) 815.40p -1.90% Compass Group (CPG) 2,015.00p -1.71% Land Securities Group (LAND) 644.80p -1.68% Glencore (GLEN) 457.95p -1.62%
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