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FTSE 100 movers: Melrose gains on GE Aerospace deal; JD Sports in fashion
(Sharecast News) - London's FTSE 100 was up 0.3% at 7,442.34 in afternoon trade on Monday. Melrose Industries gained as it signed a new $5bn aftermarket services agreement with engines giant GE Aerospace.
Melrose's GKN Aerospace division is widening its current risk and revenue sharing partnership (RRSP) surrounding GE Aerospace's high-thrust GEnx engine. The new deal will now cover new technology insertion, aftermarket repair of high-volume engines structures, and production of fan cases for a range of GE engines.
Elsewhere, JD Sports Fashion was also up after Citi initiated coverage of the shares at 'buy' as it took a look at European sporting goods.
"We see a significant opportunity for JD Sports to deploy capital, generating returns above its WACC, with cash generation supported by working capital control," it said.
Banks were among the top performers, with Standard Charted, NatWest and HSBC all up.
FTSE 100 - Risers
Melrose Industries (MRO) 506.60p 3.43% Standard Chartered (STAN) 636.00p 2.71% Entain (ENT) 943.40p 2.59% NATWEST GROUP (NWG) 190.50p 1.90% Rolls-Royce Holdings (RR.) 224.90p 1.81% Fresnillo (FRES) 568.00p 1.61% HSBC Holdings (HSBA) 611.20p 1.49% M&G (MNG) 205.60p 1.48% Anglo American (AAL) 2,234.50p 1.20% JD Sports Fashion (JD.) 132.85p 1.14%
FTSE 100 - Fallers
Croda International (CRDA) 4,401.00p -3.44% Unite Group (UTG) 923.50p -2.99% Auto Trader Group (AUTO) 612.20p -2.08% Rightmove (RMV) 460.60p -2.00% SEGRO (SGRO) 768.20p -1.97% Land Securities Group (LAND) 605.00p -1.85% Bunzl (BNZL) 2,870.00p -1.64% DCC (CDI) (DCC) 4,580.00p -1.57% Kingfisher (KGF) 219.20p -1.48% Hargreaves Lansdown (HL.) 739.60p -1.47%
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