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FTSE 100 movers: Entain slumps after update; Burberry surges
(Sharecast News) - London's FTSE 100 was down 0.4% at 9,419.85 in afternoon trade on Wednesday. Entain was the biggest faller on the index. Earlier in the day, the Ladbrokes owner reiterated its full-year guidance despite a slew of customer-friendly results during the third quarter.
Updating on trading, the owner of Coral, Ladbrokes, Foxy Bingo and Gala, among others, said total net gaming revenues (NGR) rose 6% in the three months to 30 September, or by 7% in constant currencies.
NGR are the company's revenues once any winnings have been paid out.
Shore Capital, which has a 'buy' rating on the stock, called the update "encouraging", despite September's poor sporting results weighing on growth.
It continued: "Underlying digital momentum remains robust and in line with full-year assumptions - although the market may have been hoping for a touch more.
"All in, a solid enough statement, although the forthcoming Budget looms large."
EasyJet flew lower after Morgan Stanley initiated coverage on shares of the budget airline with an 'underweight' rating and 400p price target.
It said near-term performance faces headwinds from competitive pressures and rising costs, with elevated winter ASK growth likely to pressure yields and profitability.
Going the other way, luxury fashion brand Burberry shot to the top of the index after third-quarter number from France's LVMH impressed.
FTSE 100 - Risers
Burberry Group (BRBY) 1,217.00p 4.82% Next (NXT) 13,010.00p 2.97% WPP (WPP) 348.50p 2.50% Land Securities Group (LAND) 624.50p 2.38% Ashtead Group (AHT) 5,264.00p 2.25% Coca-Cola Europacific Partners (DI) (CCEP) 6,730.00p 1.51% Pershing Square Holdings Ltd NPV (PSH) 4,600.00p 1.41% Smurfit Westrock (DI) (SWR) 3,190.00p 1.33% CRH (CDI) (CRH) 9,060.00p 1.25% Scottish Mortgage Inv Trust (SMT) 1,124.50p 1.17%
FTSE 100 - Fallers
Entain (ENT) 815.60p -2.84% Metlen Energy & Metals (MTLN) 42.80p -2.51% easyJet (EZJ) 489.60p -2.31% Imperial Brands (IMB) 3,037.00p -1.81% ICG (ICG) 2,062.00p -1.81% Beazley (BEZ) 912.50p -1.78% Babcock International Group (BAB) 1,189.00p -1.65% GSK (GSK) 1,610.50p -1.65% AstraZeneca (AZN) 12,530.00p -1.63% British American Tobacco (BATS) 3,768.00p -1.59%
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