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FTSE 100 movers: Spirax recovers; L&G in the red
(Sharecast News) - London's FTSE 100 was up 0.2% at 8,516.63 in afternoon trade on Wednesday. Spirax Group was the top gainer, having lost ground after results on Tuesday.
On the downside, Primark owner Associated British Foods and JD Sports were in the red, with traders pointing to potential negative read-across from Inditex's results.
British Airways and Iberia owner IAG flew lower as Barclays downgraded the shares to 'underweight' from 'overweight' and slashed the price target to 250p from 420p.
The bank cited potential weakness in the US market. In the same note, Barclays also downgraded Lufthansa and Air France, saying it was a "simple macro call".
"European flag carriers are highly reliant on North Atlantic profitability. While they do not disclose regional profitability we estimate that well over half of their EBIT derives from the North Atlantic," it said.
"We think that the revenue weakness flagged by the US full-service airlines in profit warnings may spread from the domestic market to the international markets. We also see macro threats to North Atlantic demand."
Legal & General was also weaker even as the financial services group said it will buy back £500m of shares this year after a strong financial performance in 2024, as part of plans to return more than £5bn to shareholders within three years - equal to around 40% of its market capitalisation.
Core operating profits were up 6% last year at £1.62bn, with a decline in asset management profits outweighed by growth in the retail and institutional retirement divisions.
FTSE 100 - Risers
Spirax Group (SPX) 7,135.00p 5.70% Melrose Industries (MRO) 513.40p 5.51% CRH (CDI) (CRH) 7,524.00p 4.97% Fresnillo (FRES) 883.50p 3.45% NATWEST GROUP (NWG) 447.30p 3.28% Smurfit Westrock (DI) (SWR) 3,455.00p 3.23% Barclays (BARC) 292.05p 3.00% Rolls-Royce Holdings (RR.) 769.00p 2.89% Intermediate Capital Group (ICG) 2,076.00p 2.67% Informa (INF) 766.80p 2.65%
FTSE 100 - Fallers
Associated British Foods (ABF) 1,839.00p -4.76% International Consolidated Airlines Group SA (CDI) (IAG) 280.30p -3.84% Persimmon (PSN) 1,191.00p -3.52% Smith & Nephew (SN.) 1,104.00p -3.24% BT Group (BT.A) 151.80p -2.88% JD Sports Fashion (JD.) 73.12p -2.84% Sainsbury (J) (SBRY) 251.60p -2.56% Kingfisher (KGF) 255.70p -2.11% Severn Trent (SVT) 2,438.00p -1.97% Legal & General Group (LGEN) 240.20p -1.92%
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