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FTSE 100 movers: Rolls-Royce rallies; B&M hit by downgrade
(Sharecast News) - London's FTSE 100 was up 0.4% at 7,500.51 in afternoon trade on Friday.
Aerospace and defence giant Rolls-Royce was the top gainer on the index.
On the downside, Airtel Africa tumbled after Singapore Telecom sold 60m shares in the company in a placing. The shares - which represent a stake of around 1.6% - were placed at 140p each, raising gross proceeds of £84m.
Housebuilders Taylor Wimpey, Persimmon, Barratt and Berkeley all fell. CMC Markets analyst Michael Hewson said rising rates and higher prices are prompting questions about the durability of the UK housing market.
B&M was on the back foot after Credit Suisse downgraded the discount retailer to 'neutral' from 'outperform' and cut the price target to 600p from 675p, noting that the shares have consistently outperformed UK retail over the past year.
The bank said that while discounters and food retailers should be defensive in the year ahead, B&M also has a large discretionary element to its range, a core customer which is going to be very squeezed by oil, gas and food prices, and demanding comps.
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 95.63p 3.61% Pershing Square Holdings Ltd NPV (PSH) 2,875.00p 2.86% JD Sports Fashion (JD.) 151.30p 2.47% Rentokil Initial (RTO) 526.60p 2.25% SEGRO (SGRO) 1,318.00p 2.09% Imperial Brands (IMB) 1,650.00p 2.04% British Land Company (BLND) 523.20p 1.99% 3i Group (III) 1,351.00p 1.92% Diageo (DGE) 3,816.50p 1.84% Land Securities Group (LAND) 778.60p 1.70%
FTSE 100 - Fallers
Airtel Africa (AAF) 139.80p -10.10% Taylor Wimpey (TW.) 132.95p -3.20% Persimmon (PSN) 2,123.00p -3.15% Antofagasta (ANTO) 1,729.00p -2.95% Reckitt Benckiser Group (RKT) 5,471.00p -2.91% B&M European Value Retail S.A. (DI) (BME) 565.20p -2.65% Barratt Developments (BDEV) 512.20p -2.55% Ferguson (FERG) 10,590.00p -2.49% Berkeley Group Holdings (The) (BKG) 3,843.00p -2.36% Admiral Group (ADM) 2,523.00p -2.32%
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