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FTSE 100 movers: Flutter flies high on broker note; miners fall
(Sharecast News) - London's FTSE 100 was down 0.5% at 7,363.82 in afternoon trade on Monday. Flutter was the standout gainer on the index after Exane BNP Paribas named the stock its top pick in the gaming sector ahead of third-quarter earnings season after a recent rough patch for the industry.
"We think the negative moves are mostly overdone," Exane said in a research report.
"The recent warnings from Entain and 888 have raised concerns over further potential regulatory headwinds. We think the worst is probably over, and that Flutter has continued to gain share, especially in online sports betting. Concerns over the potential impact of a single-customer view across operators' brands also look overdone for the more prudent operators."
Miners Glencore and Antofagasta were under the cosh as metals prices fell.
Rentokil declined again, having tanked last week after warning that its full-year performance in North America was set to be 'marginally below' its previous expectations, citing "near-term market uncertainty".
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 12,800.00p 2.81% Ocado Group (OCDO) 493.40p 1.38% WPP (WPP) 690.20p 1.32% Informa (INF) 694.40p 1.25% Next (NXT) 6,916.00p 1.20% Hikma Pharmaceuticals (HIK) 1,961.50p 1.11% Bunzl (BNZL) 2,905.00p 0.94% Imperial Brands (IMB) 1,728.50p 0.85% Sainsbury (J) (SBRY) 253.80p 0.83% International Consolidated Airlines Group SA (CDI) (IAG) 139.15p 0.83%
FTSE 100 - Fallers
Fresnillo (FRES) 524.80p -4.86% SEGRO (SGRO) 684.80p -2.37% BT Group (BT.A) 111.30p -2.33% Unite Group (UTG) 854.50p -2.29% Entain (ENT) 912.80p -2.25% Rentokil Initial (RTO) 454.20p -2.15% United Utilities Group (UU.) 1,003.50p -2.10% Glencore (GLEN) 426.40p -2.07% BP (BP.) 535.00p -1.91% Antofagasta (ANTO) 1,299.50p -1.85%
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