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FTSE 100 movers: Next rallies on guidance upgrade; miners in the red
(Sharecast News) - London's FTSE 100 was down 0.5% at 7,603.97 in afternoon trade on Monday. Antofagasta and Anglo American lost ground as miners were hit by worries about China's growth outlook.
On the upside, Next surged after the retailer upgraded its full-year sales and profit guidance following much better-than-expected trading in the last seven weeks, pointing to warmer weather and the impact of pay rises.
The company lifted its full-price sales guidance by £137m and its profit guidance by £40m to £835m.
In an unscheduled trading update, Next said full price sales in the first seven weeks of the second quarter were up 9.3% versus last year, versus guidance for a 5% decline. The group said that during the period, it has beaten its full price sales estimates by £93m.
Next put its outperformance down to a change to warmer weather, which it said has made a "significant difference", particularly coming after a wet and cold April.
Primark owner AB Foods also rallied, along with JD Sports and Frasers Group.
Elsewhere, Ladbrokes owner Entain was boosted by an upgrade to 'buy' at Redburn.
FTSE 100 - Risers
Next (NXT) 6,722.00p 4.41% Associated British Foods (ABF) 2,002.00p 3.97% JD Sports Fashion (JD.) 152.15p 2.05% Frasers Group (FRAS) 710.00p 1.87% Entain (ENT) 1,242.00p 1.72% Standard Chartered (STAN) 686.20p 1.63% Rolls-Royce Holdings (RR.) 153.05p 1.22% Flutter Entertainment (CDI) (FLTR) 16,070.00p 0.78% Shell (SHEL) 2,352.50p 0.71% United Utilities Group (UU.) 1,046.50p 0.63%
FTSE 100 - Fallers
Spirax-Sarco Engineering (SPX) 10,605.00p -4.59% Ocado Group (OCDO) 446.30p -3.38% Johnson Matthey (JMAT) 1,701.50p -2.21% Hargreaves Lansdown (HL.) 805.20p -2.02% Antofagasta (ANTO) 1,518.50p -2.00% Anglo American (AAL) 2,495.50p -1.94% Experian (EXPN) 2,930.00p -1.84% Endeavour Mining (EDV) 1,987.00p -1.83% Taylor Wimpey (TW.) 107.95p -1.77% Schroders (SDR) 446.40p -1.70%
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