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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 100 movers: BP boosted by upgrade; Ocado slumps

(Sharecast News) - London's FTSE 100 was down 0.7% at 7,632.56 in afternoon trade on Monday. BP gushed higher as Jefferies upgraded shares of the oil giant to 'buy' from 'hold' and lifted the price target to 570p from 520p.

The bank said it expects the stock to continue to close its valuation gap versus peers, supported by a greater focus on distributions, reduced capex risk and relatively conservative consensus earnings growth expectations.

Jefferies also noted that at the fourth-quarter results, BP "significantly" improved its financial frame by increasing the percentage of free cash flow allocated to shareholder distributions, increasing longer-term visibility for its quarterly buyback programme and tightening its capex guidance.

Ocado was under the cosh again after results last week and amid the prosect of a potential legal battle with Marks & Spencer.

FTSE 100 - Risers

Melrose Industries (MRO) 641.60p 2.52% BT Group (BT.A) 106.50p 1.77% Pearson (PSON) 1,028.50p 1.43% SEGRO (SGRO) 874.80p 1.39% Sage Group (SGE) 1,253.00p 0.68% Antofagasta (ANTO) 1,827.00p 0.55% Endeavour Mining (EDV) 1,331.00p 0.53% BP (BP.) 474.05p 0.51% BAE Systems (BA.) 1,255.00p 0.40% Ashtead Group (AHT) 5,744.00p 0.38%

FTSE 100 - Fallers

Ocado Group (OCDO) 442.40p -7.06% Entain (ENT) 869.00p -5.21% St James's Place (STJ) 490.70p -4.12% Mondi (MNDI) 1,371.00p -2.90% Rentokil Initial (RTO) 426.30p -2.89% Croda International (CRDA) 4,767.00p -2.67% Kingfisher (KGF) 226.20p -2.67% Next (NXT) 8,190.00p -2.62% Burberry Group (BRBY) 1,254.50p -2.53% Anglo American (AAL) 1,721.40p -2.24%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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