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FTSE 100 movers: Hargreaves, Legal & General in the black
(Sharecast News) - London's FTSE 100 was up 2.1% at 7,053.40 in afternoon trade on Tuesday. Hargreaves Lansdown rallied after Jefferies upgraded its stance on the shares to 'hold' from 'underperform' and hiked the price target to 930p from 800p.
"In common with other platforms, the quarterly mark-to-market was better than one might have expected because of the weighting to US equities and the weak pound," it said.
"We have applied a 2% headwind to assets under administration in 1H, but raised our estimates for the revenue margin on cash considerably, hitting 150bps in FY24.
"This lifts our discounted cash flow valuation to £9.30, and we raise our recommendation to hold: there may be some challenges ahead, but this is a good and highly profitable business."
Insurer Legal & General gained after saying its investment arm had no exposure to recent turmoil in the liability-driven investment (LDI) market caused by Kwarteng's recent mini-budget.
FTSE 100 - Risers
Hargreaves Lansdown (HL.) 922.60p 7.33% Ocado Group (OCDO) 498.40p 7.02% Intermediate Capital Group (ICP) 1,058.00p 5.82% Whitbread (WTB) 2,451.00p 5.74% Halma (HLMA) 2,177.00p 5.73% Flutter Entertainment (CDI) (FLTR) 10,245.00p 5.68% Entain (ENT) 1,153.50p 5.58% Melrose Industries (MRO) 106.65p 5.49% International Consolidated Airlines Group SA (CDI) (IAG) 98.74p 5.42% Legal & General Group (LGEN) 233.60p 5.27%
FTSE 100 - Fallers
Dechra Pharmaceuticals (DPH) 2,596.00p -1.44% SSE (SSE) 1,554.50p -1.18% Centrica (CNA) 71.62p -0.61% Frasers Group (FRAS) 673.50p -0.44% Aveva Group (AVV) 3,170.00p -0.28% Harbour Energy (HBR) 448.00p -0.24% British Land Company (BLND) 355.00p -0.22% Land Securities Group (LAND) 531.00p 0.00% SEGRO (SGRO) 757.80p 0.16% London Stock Exchange Group (LSEG) 7,666.00p 0.34%
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