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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 100 movers: Diageo and WPP in the black

(Sharecast News) - London's FTSE 100 was up 0.5% at 7,668.46 in afternoon trade on Tuesday. Drinks giant Diageo reversed earlier losses to trade up as it said first-half profits fell by more than a tenth as weakness in the Latin American and Caribbean (LAC) regions persisted, but pointed to improving trading conditions in the latter part of the financial year.

WPP was also in the black as the advertising firm backed its full-year guidance and set out its targets for 2024.

3i Group advanced as Barclays reiterated its 'overweight' rating on the shares and lifted the price target to 2,810p from 2,470p.

Ashtead gained as JPMorgan Cazenove reiterated its 'overweight' rating on shares of the equipment hire firm and hiked its price target to 6,800p from 5,600p.

JPM said that with the shares now trading at a 7% discount to their five-year average on EV/EBITA and at their widest discount to United Rentals - its closest peer - in five years, it sees the risk/ reward as attractive. It also reckons that as investors get more conviction on the earnings trajectory, shares should re-rate through the year, with scope for earnings upgrades too.

FTSE 100 - Risers

Auto Trader Group (AUTO) 738.00p 2.41% Diageo (DGE) 2,902.50p 2.15% 3i Group (III) 2,482.00p 2.01% WPP (WPP) 795.80p 1.95% Rentokil Initial (RTO) 415.30p 1.79% Smith & Nephew (SN.) 1,113.00p 1.69% Pershing Square Holdings Ltd NPV (PSH) 3,784.00p 1.67% Convatec Group (CTEC) 243.80p 1.58% Rolls-Royce Holdings (RR.) 308.60p 1.51% Ashtead Group (AHT) 5,290.00p 1.46%

FTSE 100 - Fallers

Airtel Africa (AAF) 115.90p -3.82% Mondi (MNDI) 1,424.60p -3.21% Entain (ENT) 959.20p -2.18% BT Group (BT.A) 112.70p -1.53% Barratt Developments (BDEV) 531.60p -1.52% Smurfit Kappa Group (CDI) (SKG) 3,010.00p -1.44% Smith (DS) (SMDS) 286.60p -1.27% B&M European Value Retail S.A. (DI) (BME) 528.20p -1.09% International Consolidated Airlines Group SA (CDI) (IAG) 150.85p -1.08% Schroders (SDR) 405.00p -1.03%

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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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