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FTSE 100 movers: Flutter flies higher; JD Sports out of fashion
(Sharecast News) - London's FTSE 100 was up 0.1% at 7,452.44 in afternoon trade on Thursday. Flutter Entertainment surged despite fourth-quarter revenues coming in below guidance, with investors reacting positively to the company's planned listing on Wall Street with significant potential for growth in the key US market. Ladbrokes owner Entain also advanced.
B&M European Value was in the red as it traded without entitlement to the dividend.
JD Sports Fashion also fell after saying it had taken 100% control of Poland's Marketing Investment Group following clearance from the European Commission.
The retailer mopped up the 40% minority stake in MIG, giving it the opportunity to roll out its brand into Central and Eastern Europe.
Admiral was in the red as Bank of America Merrill Lynch said in a research note that there was a risk of disappointment as profits start to normalise.
"We continue to expect further margin recovery over H2 2023 with a return to growth in UK motor also likely given the group's discipline throughout challenging market conditions," it said.
"However we continue to believe Consensus earnings remain overly optimistic given we forecast a normalisation in profits rather than excess profitability over the coming years."
BAE Systems fell after Exane BNP downgraded the shares to 'underperform' from neutral'.
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 15,190.00p 15.08% Entain (ENT) 948.00p 5.95% St James's Place (STJ) 643.00p 3.68% Rolls-Royce Holdings (RR.) 305.10p 2.87% Anglo American (AAL) 1,797.60p 2.72% Intermediate Capital Group (ICP) 1,596.00p 2.31% Legal & General Group (LGEN) 245.70p 2.12% Melrose Industries (MRO) 579.20p 1.61% Persimmon (PSN) 1,417.50p 1.58% RS Group (RS1) 752.00p 1.57%
FTSE 100 - Fallers
B&M European Value Retail S.A. (DI) (BME) 522.80p -3.72% Admiral Group (ADM) 2,492.00p -2.69% Hikma Pharmaceuticals (HIK) 1,930.00p -1.78% Centrica (CNA) 140.55p -1.64% JD Sports Fashion (JD.) 107.20p -1.47% Smurfit Kappa Group (CDI) (SKG) 2,936.00p -1.34% BAE Systems (BA.) 1,177.50p -1.22% Tesco (TSCO) 296.30p -1.10% Pearson (PSON) 949.60p -1.02% Unilever (ULVR) 3,723.00p -1.01%
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