FTSE 100 movers: SSE surges on investment plans; 3i falls ahead of results

(Sharecast News) - London's FTSE 100 was up 0.2% at 9,920.66 in afternoon trade on Wednesday. SSE surged to the top of the index after saying it will spend billions on the UK's electricity network as it unveiled a five-year investment plan alongside interim results.

The power generator said the £33bn, five-year plan would increase its exposure to UK electricity networks and drive earnings growth.

The update came as it posed a 29% fall in adjusted earnings per share, to 36.1p, which SSE said was in line with expectations and consistent with typical seasonality.

Miniature wargames manufacturer Games Workshop was also a high riser after Jefferies hiked its price target on the stock to 18,300p from 11,850p and reiterated its 'buy' rating as it highlighted a "major opportunity".

"Although the success of Space Marine 2 (SM2) means GAW is set to report a year of profit decline in FY26, we think the consistent underlying growth trajectory in the Core (10yr/5yr CAGR +17%/+16%) underpins a reacceleration to double-digit profit growth in FY27," the bank said.

Further out, Jefferies sees SM2 as an indicator of Warhammer's "significant" mass-market potential and said it remains bullish about the opportunity presented by the Amazon TV series.

Luxury fashion brand Burberry and Aviva gained ahead of first-half results and a Q3 trading update respectively on Thursday, but 3i Group fell ahead of H1 results.

Hiscox was in the red after Jefferies double downgraded the shares to 'underperform'.

The bank said Hiscox Retail is pitched as an attractive earnings diversifier against Specialty insurance, "but this is not clear to us when studying the weaker return on equity to peers".

Jefferies said the retail and cost plan announced in May improves returns, but the gap to peers closes only in 2028.

"So, with past and prospective book value growth lagging peers, the cost of equity needs to better reflect this reality," the bank said.

Experian slumped despite boosting its full-year outlook following a strong first half.

Housebuilder Persimmon was also weaker after FTSE 250 peer Taylor Wimpey highlighted "softer market conditions" so far in the second half.

FTSE 100 - Risers

SSE (SSE) 2,211.00p 11.98% Games Workshop Group (GAW) 16,140.00p 4.81% Burberry Group (BRBY) 1,255.50p 4.19% Croda International (CRDA) 2,830.00p 2.57% International Consolidated Airlines Group SA (CDI) (IAG) 390.90p 2.12% Anglo American (AAL) 2,919.00p 1.99% Rio Tinto (RIO) 5,424.00p 1.88% Metlen Energy & Metals (MTLN) 42.90p 1.78% Aviva (AV.) 691.40p 1.77% Melrose Industries (MRO) 631.60p 1.61%

FTSE 100 - Fallers

3i Group (III) 4,049.00p -3.85% Tesco (TSCO) 448.50p -2.90% Auto Trader Group (AUTO) 711.60p -2.44% Next (NXT) 14,235.00p -2.37% Hiscox Limited (DI) (HSX) 1,364.00p -2.29% Berkeley Group Holdings (The) (BKG) 4,014.00p -2.29% Informa (INF) 956.00p -2.15% Experian (EXPN) 3,407.00p -2.07% Compass Group (CPG) 2,476.00p -2.02% Persimmon (PSN) 1,233.50p -1.79%