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FTSE 100 movers: Flutter flies higher; Land Securities hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.2% at 7,270.56 in afternoon trade on Monday. Flutter was the top gainer on the index on the back of a positive broker note from Jefferies.
"Ahead of Flutter's 2Qs (9 August), we anticipate the momentum outlined at the 1Qs has continued through 2Q," it said.
"The scope for US upgrades remains on the agenda, but weighted to FY24E and beyond. We discern increased investor interest, catalysed by the 2023 US profitability tipping point, the restart of an upgrade cycle, proposed US listing and solid ex-US performance.
"Valuation remains undemanding given US growth potential."
Online supermarket Ocado was under the cosh after Barclays cut its price target on the shares to 640p from 740p.
Land Securities was also weaker after a rating downgrade at HSBC.
FTSE 100 - Risers
Flutter Entertainment (CDI) (FLTR) 15,070.00p 2.62% Severn Trent (SVT) 2,451.00p 2.38% United Utilities Group (UU.) 946.60p 1.61% International Consolidated Airlines Group SA (CDI) (IAG) 159.70p 1.53% Shell (SHEL) 2,316.50p 1.49% Airtel Africa (AAF) 105.20p 1.45% Hiscox Limited (DI) (HSX) 1,064.00p 1.43% BP (BP.) 459.80p 1.38% Ashtead Group (AHT) 5,164.00p 1.37% CRH (CDI) (CRH) 4,226.00p 1.17%
FTSE 100 - Fallers
Ocado Group (OCDO) 579.60p -2.09% Land Securities Group (LAND) 564.20p -1.40% Endeavour Mining (EDV) 1,806.00p -1.31% Rio Tinto (RIO) 4,859.50p -1.13% Fresnillo (FRES) 599.40p -1.09% Rightmove (RMV) 515.00p -1.08% Standard Chartered (STAN) 667.00p -0.98% Anglo American (AAL) 2,183.50p -0.80% Antofagasta (ANTO) 1,406.00p -0.67% Spirax-Sarco Engineering (SPX) 9,912.00p -0.62%
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