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FTSE 100 movers: Entain hit by downgrade; Rightmove rallies
(Sharecast News) - London's FTSE 100 was down 0.2% at 7,473.89 in afternoon trade on Monday. Ladbrokes and Coral owner Entain was knocked lower by a downgrade to 'sell' from 'buy' at Goldman Sachs. "We now believe the inflection of fundamentals will take longer to come through, leading us to cut our estimates (by circa 30% at EPS for FY24/25E)," it said.
AstraZeneca was also hit by a broker note, as Jefferies cut its price target on the shares to 12,500p from 13,000p.
On the upside, precious metals miner Fresnillo was the standout gainer on the index as gold prices rose.
Tickmill Group said: "Gold prices are trading at a six-month high on Monday as USD weakness continues to underpin the safe-haven asset. With the market having significantly altered its Fed outlook over coming months, the greenback has come under heavy selling pressure recently.
"The drop in US October labour market data and the fresh fall in CPI have seen traders pricing out any further Fed tightening in coming months, with pricing now reflecting expectations for a rate cut over H1 2024."
Rightmove rallied after it lifted its full-year forecast for annual revenue per advertiser as it hailed strong demand for its products since it last reported. The company now expects ARPA growth to be between £112 and £116, up from previous guidance of £103 to £105.
FTSE 100 - Risers
Fresnillo (FRES) 559.00p 5.75% Rightmove (RMV) 535.60p 5.18% Admiral Group (ADM) 2,719.00p 2.06% Endeavour Mining (EDV) 1,764.00p 1.73% Sage Group (SGE) 1,123.00p 1.72% Auto Trader Group (AUTO) 710.20p 1.37% JD Sports Fashion (JD.) 150.20p 1.35% Frasers Group (FRAS) 878.50p 1.21% Airtel Africa (AAF) 113.60p 1.16% B&M European Value Retail S.A. (DI) (BME) 550.60p 0.99%
FTSE 100 - Fallers
Entain (ENT) 840.20p -2.19% St James's Place (STJ) 648.60p -1.99% Burberry Group (BRBY) 1,503.00p -1.64% Rentokil Initial (RTO) 448.50p -1.43% AstraZeneca (AZN) 10,048.00p -1.30% Flutter Entertainment (CDI) (FLTR) 12,470.00p -1.19% Prudential (PRU) 911.40p -1.11% Schroders (SDR) 397.10p -1.00% F&C Investment Trust (FCIT) 887.00p -0.89% Vodafone Group (VOD) 71.12p -0.86%
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