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FTSE 100 movers: Shell gushes higher; Admiral under the cosh again
(Sharecast News) - London's FTSE 100 was up 0.1% at 10,155.84 in afternoon trade on Friday. Beazley was the standout gainer on the index. On Thursday, the Lloyds of London insurer said it had rejected a £7.7bn takeover offer from Zurich Financial as it "materially undervalues" the company and its longer-term prospects.
Defence firm BAE Systems was also on the rise. Russ Mould, investment director at AJ Bell, said investors were "loading up" on names that have "served them well over the past year".
Oil giant Shell gushed higher following a report it is considering a sale of its assets in Argentina's Vaca Muerta shale play and has approached potential buyers in recent weeks to gauge their interest.
According to Reuters, citing sources familiar with the matter, Shell is open to selling some or all of its interests in the highly sought shale oil and gas play, part of Argentina's Neuquen basin.
Admiral Group was under the cosh again, having slid on Thursday after RBC Capital Markets downgraded the shares to 'sector perform' from 'outperform' and slashed the price target to 3,100p from 3,600p.
The bank said it was updating forecasts mainly for lower special dividends, as the company will buy shares in the market to fund its share scheme, versus a previous approach to issue shares.
Airlines easyJet and and IAG flew lower.
FTSE 100 - Risers
Beazley (BEZ) 1,140.00p 2.15% BP (BP.) 445.85p 2.07% BAE Systems (BA.) 2,021.00p 1.81% Anglo American (AAL) 3,400.00p 1.74% Rio Tinto (RIO) 6,573.00p 1.34% Metlen Energy & Metals (MTLN) 43.47p 1.34% Antofagasta (ANTO) 3,562.00p 1.28% Shell (SHEL) 2,707.00p 1.23% Glencore (GLEN) 496.10p 1.21% Centrica (CNA) 183.40p 0.96%
FTSE 100 - Fallers
Admiral Group (ADM) 2,668.00p -5.12% Burberry Group (BRBY) 1,211.50p -4.94% Aviva (AV.) 628.60p -3.77% International Consolidated Airlines Group SA (CDI) (IAG) 415.70p -3.39% easyJet (EZJ) 481.10p -3.14% Smurfit Westrock (DI) (SWR) 3,055.00p -2.61% Spirax Group (SPX) 7,210.00p -2.17% Hikma Pharmaceuticals (HIK) 1,539.00p -1.85% Prudential (PRU) 1,152.00p -1.66% Bunzl (BNZL) 2,060.00p -1.53%
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