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FTSE 100 movers: Phoenix boosted by UBS upgrade; Bunzl drops
(Sharecast News) - London's FTSE 100 was up 1.7% at 9,847.19 in afternoon trade on Wednesday.
Phoenix Group was the standout gainer after UBS upgraded the shares to 'buy' from 'neutral' and hiked the price target to 770p from 670p, as it said balance sheet risks are well managed and the yield is attractive.
HSBC rose after KBW lifted the stock to 'outperform' from 'market perform', citing the strength of its Hong Kong business.
KBW, which upped the target price to 1,240p from 990p, said it expects the strong recent performance of HK wealth management and capital markets to continue.
Glencore was higher after an upgrade to 'buy' from 'hold' at Berenberg. The bank said it thinks it will either rerate as part of its plans to double copper volumes to 1.6mtpa, or be acquired if it fails to execute on its plans.
Berenberg said Glencore was its favoured pick in the sector, along with Anglo American.
Housebuilder Barratt Redrow also rose after the latest UK inflation data cemented rate cut expectations.
Bunzl was under the cosh as it backed its 2025 profit guidance despite "the ongoing macroeconomic challenges"" in its key end markets, but the company's outlook for 2026 disappointed.
For 2026, Bunzl said it expects "moderate" revenue growth at constant exchange rates, driven by some underlying revenue growth and a small benefit from announced acquisitions. Group operating margin is expected to be slightly down year-on-year.
FTSE 100 - Risers
Phoenix Group Holdings (PHNX) 726.00p 4.31% Metlen Energy & Metals (MTLN) 41.80p 3.72% HSBC Holdings (HSBA) 1,148.60p 3.31% Barratt Redrow (BTRW) 373.20p 3.18% United Utilities Group (UU.) 1,209.00p 3.07% Severn Trent (SVT) 2,779.00p 2.85% Convatec Group (CTEC) 241.40p 2.81% Ashtead Group (AHT) 5,400.00p 2.66% Barclays (BARC) 462.05p 2.58% Anglo American (AAL) 2,910.00p 2.54%
FTSE 100 - Fallers
DCC (CDI) (DCC) 4,924.00p -3.55% Bunzl (BNZL) 2,164.00p -2.52% Halma (HLMA) 3,520.00p -0.85% Associated British Foods (ABF) 2,106.00p -0.57% Tesco (TSCO) 439.30p -0.27% Burberry Group (BRBY) 1,295.00p -0.19% CRH (CDI) (CRH) 9,472.00p -0.17% Admiral Group (ADM) 3,138.00p -0.13% ICG (ICG) 2,054.00p -0.10% Rightmove (RMV) 521.20p -0.04%
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