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FTSE 100 movers: Whitbread, Rentokil Initial rally
(Sharecast News) - London's FTSE 100 was up 0.2% at 9,791.40 in afternoon trade on Thursday. Whitbread jumped to the top of the index after activist investor Corvex Management called for a strategic review, having accumulated a 6.05% holding in the Premier Inn owner. It also said it would now seek representation on the board.
In a statement, Corvex said it had invested because "we believe the current market price reflects not only a discount to the company's fundamental value, but a discount to the value of the company's fully-owned and operated UK hotel portfolio alone.
"In light of this valuation disconnect, and following the recently announced UK Budget and change to rateable values and business rates, we believe the company should undertake a strategic review to assess it capital allocation priorities and overall strategic direction."
Rentokil Initial was also higher after an upgrade to 'buy' from 'neutral' at Bank of America, which lifted its price target to 510p 425p, citing recent share price underperformance.
The bank, which added Rentokil to its 'Europe 1 list' of top ideas, said it believes the company still has an "untapped" opportunity in residential.
FTSE 100 - Risers
Whitbread (WTB) 2,590.00p 5.93% Rentokil Initial (RTO) 444.80p 2.80% Metlen Energy & Metals (MTLN) 41.42p 1.66% Rolls-Royce Holdings (RR.) 1,118.50p 1.50% 3i Group (III) 3,257.00p 1.37% M&G (MNG) 281.60p 1.22% Glencore (GLEN) 383.50p 1.20% Smurfit Westrock (DI) (SWR) 2,847.00p 1.10% CRH (CDI) (CRH) 9,260.00p 0.83% Weir Group (WEIR) 2,834.00p 0.71%
FTSE 100 - Fallers
GSK (GSK) 1,801.00p -1.77% United Utilities Group (UU.) 1,183.00p -1.66% Convatec Group (CTEC) 238.60p -1.49% Bunzl (BNZL) 2,146.00p -1.38% DCC (CDI) (DCC) 4,858.00p -1.34% AstraZeneca (AZN) 13,396.00p -1.17% Coca-Cola Europacific Partners (DI) (CCEP) 6,850.00p -1.15% Kingfisher (KGF) 307.60p -0.93% Burberry Group (BRBY) 1,273.50p -0.93% Hikma Pharmaceuticals (HIK) 1,500.00p -0.92%
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