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FTSE 100 movers: Convatec jumps on buyback; Persimmon drops
(Sharecast News) - London's FTSE 100 was up 1% at 9,279.33 in afternoon trade on Wednesday. Convatec was the top gainer as the medical products company launched a share buyback programme of up to $300m.
The programme will run up to the end of December and may be extended by further notification, Convatec said.
UBS will conduct the buyback programme.
United Utilities was also a high riser as Barclays upgraded the stock to 'overweight' from 'equalweight' and lifted the price target to 1,535p from 1,280p.
The bank said it sees "better prospects" for the water sector amid an improving outlook, as it lifted price targets across all three big names.
Severn Trent was also in the black as Barclays kept its 'equalweight' rating on the shares but hiked the price target to 3,385p from 2,960p.
Housebuilders Persimmon and Taylor Wimpey were under the cosh as a hotter-than-expected UK consumer price inflation reading for July spelled bad news for mortgages.
FTSE 100 - Risers
Convatec Group (CTEC) 244.80p 5.88% United Utilities Group (UU.) 1,146.50p 2.32% Unilever (ULVR) 4,633.00p 1.96% Imperial Brands (IMB) 3,108.00p 1.70% Relx plc (REL) 3,599.00p 1.70% Coca-Cola Europacific Partners (DI) (CCEP) 6,750.00p 1.66% British American Tobacco (BATS) 4,306.00p 1.65% Severn Trent (SVT) 2,608.00p 1.60% Admiral Group (ADM) 3,646.00p 1.56% Intertek Group (ITRK) 4,762.00p 1.54%
FTSE 100 - Fallers
Flutter Entertainment (DI) (FLTR) 21,340.00p -1.93% easyJet (EZJ) 510.00p -1.66% Anglo American (AAL) 2,140.00p -1.43% Marks & Spencer Group (MKS) 353.50p -1.42% Rolls-Royce Holdings (RR.) 1,044.50p -1.42% CRH (CDI) (CRH) 8,282.00p -1.17% International Consolidated Airlines Group SA (CDI) (IAG) 389.40p -1.14% Persimmon (PSN) 1,118.00p -1.06% JD Sports Fashion (JD.) 92.94p -1.02% Taylor Wimpey (TW.) 99.82p -0.92%
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