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FTSE 100 movers: Rolls-Royce rallies ahead of results; Flutter loses ground
(Sharecast News) - London's FTSE 100 was up 0.3% at 7,732.41 in afternoon trade on Monday. Rolls-Royce was the standout gainer on the index ahead of full-year results on Thursday.
AstraZeneca rallied after the US Food and Drug Administration approved a combination of its cancer drug Tagrisso with chemotherapy to treat a type of lung cancer.
Anglo American fell as it said its platinum arm was starting a restructuring that could affect more than 4,300 jobs due to lower prices and higher costs amid a global economic slowdown.
Flutter Entertainment was in the red even as Berenberg lifted its price target on the shares to 18,600p from 17,000p and reiterated its 'buy' recommendation, as it highlighted strong growth and balance sheet flexibility.
The bank said Flutter is its "top pick" in the leisure space and sits in its "growth" bucket for FY24.
"Our investment thesis for Flutter is simple - the business is a market leader and we expect strong growth both in existing markets and in the lucrative US market," it said.
"On the latter point, the company continues to go from strength to strength, holding more than half the betting market in Q4 and more than a quarter of the iGaming market."
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 333.10p 3.03% AstraZeneca (AZN) 10,396.00p 2.99% Vodafone Group (VOD) 66.92p 1.97% Barclays (BARC) 149.42p 1.84% Melrose Industries (MRO) 618.40p 1.24% SEGRO (SGRO) 859.60p 1.20% InterContinental Hotels Group (IHG) 7,850.00p 1.16% Frasers Group (FRAS) 838.00p 1.02% BAE Systems (BA.) 1,253.00p 0.89% BP (BP.) 475.60p 0.76%
FTSE 100 - Fallers
Centrica (CNA) 133.65p -3.92% Ocado Group (OCDO) 519.80p -3.02% Fresnillo (FRES) 474.30p -2.71% Rentokil Initial (RTO) 418.20p -2.24% Rio Tinto (RIO) 5,404.00p -2.01% Glencore (GLEN) 392.40p -1.79% Antofagasta (ANTO) 1,754.00p -1.74% Scottish Mortgage Inv Trust (SMT) 794.20p -1.73% Anglo American (AAL) 1,773.20p -1.61% Flutter Entertainment (DI) (FLTR) 16,815.00p -1.58%
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