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FTSE 100 movers: Glencore rallies; Vodafone in the red
(Sharecast News) - London's FTSE 100 was flat at 7,673.87 in afternoon trade on Tuesday. Glencore was the top performer on index. On Monday, Canada's Teck Resources said it had received and unanimously rejected an unsolicited takeover approach from the mining giant.
Danni Hewson, head of financial analysis at AJ Bell, said: "While its business combination proposal was rejected, Glencore is likely to be persistent in its pursuit for greater things which means one cannot rule out a higher offer.
"Teck's board said it wasn't contemplating a sale of the business at this time, yet there is a price for everything and so it all boils down to how much Glencore is prepared to pay."
Insurers were also on the front, with Beazley, Admiral, Aviva and Hiscox all up.
Vodafone was weaker as Citi resumed coverage of the stock at 'neutral' after a period of restriction.
"We see significant fundamental upside if the company executes well and/or in a breakup scenario," Citi said. "But there are additional risks that may weigh on profitability in the coming quarters and with FY23 results due in May, we expect another reset to expectations.
"After that, there are potential options that could materialise, though we note that most are outside of VOD's control and thus will only be attractive to investors if earnings risk is out of the way (at least temporarily)."
FTSE 100 - Risers
Glencore (GLEN) 465.55p 2.88% Weir Group (WEIR) 1,881.00p 2.23% Beazley (BEZ) 600.50p 2.21% Haleon (HLN) 328.80p 1.91% Admiral Group (ADM) 2,088.00p 1.80% Aviva (AV.) 411.50p 1.71% Prudential (PRU) 1,131.00p 1.57% International Consolidated Airlines Group SA (CDI) (IAG) 149.65p 1.46% Hiscox Limited (DI) (HSX) 1,116.00p 1.45% Barclays (BARC) 150.18p 1.30%
FTSE 100 - Fallers
BT Group (BT.A) 145.00p -1.49% Johnson Matthey (JMAT) 1,976.50p -1.22% Vodafone Group (VOD) 88.39p -1.20% Burberry Group (BRBY) 2,507.00p -1.18% British American Tobacco (BATS) 2,842.00p -1.06% Rolls-Royce Holdings (RR.) 148.10p -1.04% Croda International (CRDA) 6,378.00p -0.99% United Utilities Group (UU.) 1,025.50p -0.97% Kingfisher (KGF) 258.10p -0.92% Informa (INF) 683.80p -0.87%
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