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FTSE 100 movers: Antofagasta falls; Smith & Nephew gains on results
(Sharecast News) - London's FTSE 100 was down 0.3% at 7,989.27 in afternoon trade on Tuesday. Antofagasta fell as the Chilean miner reported a drop in full-year profits and revenue as operating costs rose.
In the year to the end of December 2022, earnings before interest, tax, depreciation and amortisation fell 39% to $2.9bn, with operating costs up 10% mainly due to inflation and higher input prices.
Going the other way, Smith & Nephew was the top performer on the index despite posting a slump in full-year operating profits.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: "Smith & Nephew's struggles to return to profit growth continue, with already downgraded margin guidance for 2022 effectively being pushed out another year as inflation continues to bite.
"However, an uptick in top line growth at the end of 2022 across all divisions is encouraging. Despite ongoing downward pressure on pricing from the previously highlighted procurement policy in China, work to fix the Orthopaedics division, Smith & Nephew's largest, is starting to bear fruit.
"Smith and Nephew continues to innovate and this is its biggest weapon for targeting higher market share. In Orthopaedics we see its cementless knee systems and work in robotic surgery as core differentiators."
HSBC was also a high riser after it unveiled a special dividend and said quarterly profits almost doubled, driven by the rise in global interest rates, but struck a cautious note on the outlook.
FTSE 100 - Risers
Smith & Nephew (SN.) 1,218.00p 4.74% HSBC Holdings (HSBA) 643.10p 3.77% BAE Systems (BA.) 906.80p 1.96% Burberry Group (BRBY) 2,593.00p 1.85% Haleon (HLN) 337.80p 1.18% Beazley (BEZ) 692.00p 1.17% Frasers Group (FRAS) 800.00p 1.01% Smith (DS) (SMDS) 338.80p 0.95% Compass Group (CPG) 1,923.00p 0.76% National Grid (NG.) 1,077.50p 0.75%
FTSE 100 - Fallers
Anglo American (AAL) 3,180.50p -4.79% Prudential (PRU) 1,256.50p -3.05% Hargreaves Lansdown (HL.) 845.60p -2.92% Glencore (GLEN) 506.80p -2.39% Persimmon (PSN) 1,432.00p -2.35% BT Group (BT.A) 139.05p -2.28% Ocado Group (OCDO) 616.00p -2.19% Antofagasta (ANTO) 1,720.00p -2.19% Pershing Square Holdings Ltd NPV (PSH) 2,920.00p -2.17% Schroders (SDR) 496.30p -2.15%
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