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FTSE 100 movers: Persimmon pushes higher; Prudential takes a tumble
(Sharecast News) - London's FTSE 100 was up 0.1% at 7,746.82 in afternoon trade on Wednesday. Housebuilder Persimmon rose as Berenberg said it now benefits "from financial strength, a lengthy landbank and significantly improved product quality, and is thus well placed to benefit as the housing cycle recovers over the coming years".
"Nevertheless, following the FY 2023 results on 12 March, we keep our hold rating as we see the valuation as fair at current levels."
Shares in Prudential tanked despite the insurance giant saying it is "increasingly confident" in meeting its long-term targets following a strong 2023, during which new business profits jumped by almost a half.
After brief stint in positive territory when markets opened, the stock was down nearly 7% by lunchtime, falling to 728.6p - a level it has not seen since 2012.
Results were largely in line or better than expected, though analysts put the negative market reaction down to ongoing concerns surrounding the company's end-markets - namely its exposure to China's struggling real-estate sector.
Luxury brand Burberry was also under the cosh after Kering warned that sales at Gucci were set to slide 20% in the first quarter due to a slowdown in Asia.
FTSE 100 - Risers
Ashtead Group (AHT) 5,532.00p 4.14% St James's Place (STJ) 434.10p 3.78% Halma (HLMA) 2,288.00p 3.62% Melrose Industries (MRO) 642.40p 3.48% Persimmon (PSN) 1,298.00p 2.77% Airtel Africa (AAF) 93.05p 2.59% NATWEST GROUP (NWG) 246.00p 2.50% Croda International (CRDA) 4,835.00p 2.35% JD Sports Fashion (JD.) 112.80p 2.04% Kingfisher (KGF) 228.50p 1.92%
FTSE 100 - Fallers
Prudential (PRU) 731.00p -6.35% Burberry Group (BRBY) 1,181.00p -3.98% Smith & Nephew (SN.) 1,041.00p -1.61% Weir Group (WEIR) 1,970.50p -1.30% GSK (GSK) 1,645.40p -1.14% BP (BP.) 492.90p -1.08% Marks & Spencer Group (MKS) 240.70p -1.03% British American Tobacco (BATS) 2,389.50p -0.93% Convatec Group (CTEC) 283.20p -0.91% Unilever (ULVR) 3,893.50p -0.90%
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