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FTSE 100 movers: L&G recovers some ground; Fresnillo drops
(Sharecast News) - London's FTSE 100 was up 0.1% at 10,319.24 in afternoon trade on Friday. Legal & General was the top riser on the index. Earlier in the week, shares in the company slid as it announced its biggest ever share buyback but full-year core operating profit came in a touch light of expectations.
Admiral gained after RBC Capital Markets upgraded the insurer to 'outperform' from 'sector perform' and lifted the price target to 3,560p from 3,100p after its full-year results.
The bank said it was particularly encouraged by the company's willingness to provide a multi-year view of profits and earnings per share growth, which is something Admiral has not done in the past.
"While made necessary by near-term headwinds to UK Motor profit growth, good results outside of UK Motor supported a new target to double those profits by 2028," it noted.
RBC said it continues to assume only a modest cyclical improvement in UK Motor profits, but momentum should improve through the year.
"On double-digit increases to EPS, helped by a new buyback, we raise our target EPS multiple from 13x to 14x, and our recommendation to outperform," it said.
Precious metals miner Fresnillo lost its shine as gold prices dipped.
FTSE 100 - Risers
Legal & General Group (LGEN) 249.20p 3.36% Vodafone Group (VOD) 111.15p 3.20% M&G (MNG) 297.90p 3.11% Metlen Energy & Metals (MTLN) 37.55p 3.02% Tesco (TSCO) 486.50p 2.52% ICG (ICG) 1,555.00p 2.37% Diageo (DGE) 1,464.50p 2.34% London Stock Exchange Group (LSEG) 8,756.00p 2.17% 3i Group (III) 2,987.00p 2.11% Admiral Group (ADM) 3,290.00p 2.10%
FTSE 100 - Fallers
Entain (ENT) 550.40p -3.20% Weir Group (WEIR) 2,892.00p -2.76% Mondi (MNDI) 827.80p -2.62% Smiths Group (SMIN) 2,414.00p -2.51% IMI (IMI) 2,696.00p -2.25% Spirax Group (SPX) 6,955.00p -2.18% Fresnillo (FRES) 3,538.00p -2.16% Intertek Group (ITRK) 3,796.00p -2.11% Croda International (CRDA) 2,744.00p -1.29% Standard Chartered (STAN) 1,575.50p -1.28%
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