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FTSE 100 movers: M&G rallies on results; Compass hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.1% at 8,715.46 in afternoon trade on Wednesday. M&G was the top gainer on the index after the investment manager said it swung to an annual loss in 2024 but posted a small, unexpected increase in adjusted earnings profits, helped by strong growth in asset management and cost cutting.
The reported loss before tax totalled £347m, compared with a profit of £309m in 2023, which was dragged down by unrealised fair value losses on surplus assets in the annuity portfolio and fair value losses on interest rate hedging, M&G said.
However, on an adjusted basis, operating profit before tax totalled £837m, up 5% on the year before, reflecting a 19% increase in asset management profits, which made up for a flat performance in the life and corporate centre divisions.
The company-compiled consensus estimate was for an adjusted pre-tax operating profit of £769m, down from £797m in 2023.
Compass Group was under the cosh after BNP Paribas Exane downgraded shares of the catering firm to 'underperform' from 'outperform'.
The bank said it was turning more cautious on Compass as proprietary data on US employee layoffs has suggested that industry-wide client retention has deteriorated, particularly in the US Healthcare vertical.
"This challenges a major pillar of our industry thesis, and we turn cautious on contract catering," it said.
"While the recent share price weakness in this long-term blue-chip compounder might seem like a buying opportunity, we take a different stance and downgrade Compass," it said, cutting the price target to 2,500p from 3,000p.
FTSE 100 - Risers
M&G (MNG) 227.30p 2.76% Informa (INF) 784.40p 1.92% Games Workshop Group (GAW) 14,510.00p 1.90% Kingfisher (KGF) 269.80p 1.66% CRH (CDI) (CRH) 7,506.00p 1.57% Shell (SHEL) 2,738.00p 1.56% Melrose Industries (MRO) 537.60p 1.43% Rentokil Initial (RTO) 337.70p 1.32% Mondi (MNDI) 1,265.00p 1.24% F&C Investment Trust (FCIT) 1,104.00p 1.10%
FTSE 100 - Fallers
Compass Group (CPG) 2,521.00p -3.96% Schroders (SDR) 378.20p -2.17% Croda International (CRDA) 3,035.00p -2.03% Smith & Nephew (SN.) 1,087.00p -1.63% Fresnillo (FRES) 938.50p -1.62% Standard Chartered (STAN) 1,189.00p -1.41% Glencore (GLEN) 314.65p -1.39% IMI (IMI) 2,008.00p -1.38% Anglo American (AAL) 2,340.00p -1.33% Marks & Spencer Group (MKS) 328.10p -1.23%
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