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FTSE 100 movers: Convatec boosted by Coloplast results; L&G falls

(Sharecast News) - London's FTSE 100 was down 0.3% at 7,569.47 in afternoon trade on Friday. Packaging group DS Smith was a high riser for the second day in a row, after confirming on Thursday that it had received "a highly preliminary expression of interest" from rival Mondi.

Medical device maker Convatec was also in the black after well-received interim results from Danish peer Coloplast, which surged after saying it delivered high single-digit growth across all areas of the business in the first quarter.

Entain gained after its US joint venture with MGM Resorts, BetMGM, struck a partnership with social media platform X to become its exclusive live odds sports betting partner.

Legal & General lost ground as Citi cut its 2023 earnings per share estimates and opened a 30-day 'negative catalyst watch' on the shares ahead of full-year results on 6 March.

The bank cut its 2023 EPS estimates by around 27%, primarily driven by negative investment variances but said its operating profit estimate also declined, by around 3%.

"There is some follow to the outer years as our EPS estimates decline by circa 10%," it said.

Citi said it expects material EPS downgrades into results "and although this is primarily investment variance driven, this highlights the opacity of Legal & General Capital (LGC) and comes against a backdrop of L&G being the best performing UK life insurer over the past three months and what we see as limited upside capital return surprise potential".

FTSE 100 - Risers

Smith (DS) (SMDS) 316.10p 2.43% Convatec Group (CTEC) 239.40p 2.05% Hikma Pharmaceuticals (HIK) 1,963.50p 1.74% Entain (ENT) 1,003.00p 1.66% Sage Group (SGE) 1,190.50p 1.54% Experian (EXPN) 3,381.00p 1.29% Relx plc (REL) 3,343.00p 1.27% JD Sports Fashion (JD.) 105.80p 1.24% Compass Group (CPG) 2,238.00p 1.22% Pershing Square Holdings Ltd NPV (PSH) 3,914.00p 1.19%

FTSE 100 - Fallers

Glencore (GLEN) 386.15p -2.68% Burberry Group (BRBY) 1,268.50p -2.12% Fresnillo (FRES) 483.30p -2.01% Legal & General Group (LGEN) 236.50p -1.99% Land Securities Group (LAND) 638.40p -1.81% British American Tobacco (BATS) 2,440.50p -1.75% Anglo American (AAL) 1,713.40p -1.51% Auto Trader Group (AUTO) 711.00p -1.30% Prudential (PRU) 808.00p -1.25% National Grid (NG.) 1,002.00p -1.09%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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