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FTSE 100 movers: JD Sports surges on Nike results; Babcock hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.5% at 8,780.05 in afternoon trade on Friday. JD Sports surged to the top of the index after Nike posted better-than-expected fourth-quarter revenues, sending shares in the US sports retailer surging after hours.
Broker Shore Capital said: "While the commentary that Nike performance is 'not where we want it to be' is not surprising with FY25 revenue decline 10%, there is some encouragement from the fact that Q4 revenues were above consensus ($11.1bn versus consensus of $10.7bn) as was EPS (14c versus consensus of 13c).
"While Nike clearly still have work to do, it appears the business is past the worst and so we do see the potential for the removal of what has been a significant headwind for JD."
Russ Mould, investment director at AJ Bell, said: "Shares in JD Sports burst to life off the back of Nike's results. The footwear manufacturer has brought back Elliott Hill as CEO to drive a turnaround and investors lapped up his every word on plans to get the business back on track with new sports-focused product lines.
"A healthier Nike playing catch-up with product innovation could stimulate new demand for its products and theoretically JD Sports would benefit as it is a key retailer of Nike shoes."
Precious metals miner Fresnillo lost its shine as gold prices fell.
Defence firm Babcock International was also in the red after Deutsche Bank downgraded the stock to 'hold' from 'buy', but lifted the price target to 1,115p from 965p.
FTSE 100 - Risers
JD Sports Fashion (JD.) 86.88p 6.34% Ashtead Group (AHT) 4,588.00p 2.34% Standard Chartered (STAN) 1,213.50p 2.32% Barclays (BARC) 338.75p 2.28% Persimmon (PSN) 1,351.50p 2.19% Pearson (PSON) 1,075.00p 2.14% Taylor Wimpey (TW.) 122.10p 1.92% NATWEST GROUP (NWG) 509.80p 1.92% IMI (IMI) 2,102.00p 1.74% Melrose Industries (MRO) 526.40p 1.74%
FTSE 100 - Fallers
Fresnillo (FRES) 1,452.00p -2.94% Babcock International Group (BAB) 1,129.00p -2.42% Glencore (GLEN) 282.30p -2.05% Halma (HLMA) 3,192.00p -1.72% BAE Systems (BA.) 1,863.00p -1.30% Antofagasta (ANTO) 1,807.50p -1.23% Anglo American (AAL) 2,122.00p -1.00% Admiral Group (ADM) 3,262.00p -0.85% Associated British Foods (ABF) 2,065.00p -0.72% Prudential (PRU) 920.60p -0.71%
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