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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: Shell gushes lower; Melrose gains on JPM note

(Sharecast News) - London's FTSE 100 was down 0.1% at 7,680.11 in afternoon trade on Monday. Melrose Industries was the standout gainer as JPMorgan put the shares on "positive catalyst watch" ahead of 2023 results in March.

"Melrose will report 2023 results on 7 March. Given the momentum in the business seen through 2023, we expect Melrose to meet the top-end of the 2023 guidance (at least) and raise the 2024 guidance to ahead of consensus expectations at the prelims," JPM said.

"Melrose remains a key pick for us in 2024; an aerospace pure-play with a credible margin story, further upside to forecasts and a sizeable buy-back supporting the shares. We place the stock on positive catalyst watch into the prelims with an unchanged June 2025 price target of 620p."

Rolls-Royce was also a high riser as Barclays lifted the price target to 409p from 270p.

"Post-announcement of the 2027 targets at the capital markets day (28/11/2023), we raise our estimates and price target to 409p, anticipating the potential reinstatement of investment grade status as a near-term catalyst (2024), underpinned by a net cash position and strong end-market outlook," the bank said, reiterating its 'overweight' rating.

Legal & General gained after an upgrade to 'buy' from 'hold' at Berenberg.

Shell was weaker as it flagged fourth-quarter impairments of up to $4.5bn, primarily in its chemicals and products division. The oil major, updating on fourth-quarter trading, said non-cash post-tax impairments were expected to be between $2.5bn and $4.5bn.

Miners Anglo American, Glencore and Antofagasta all fell in tandem with metals prices.

FTSE 100 - Risers

Melrose Industries (MRO) 581.00p 4.23% B&M European Value Retail S.A. (DI) (BME) 559.60p 2.75% Rolls-Royce Holdings (RR.) 304.70p 2.73% Centrica (CNA) 155.45p 2.47% Prudential (PRU) 841.00p 2.46% Legal & General Group (LGEN) 249.60p 2.38% Marks & Spencer Group (MKS) 290.40p 2.18% Smith & Nephew (SN.) 1,062.50p 1.97% Auto Trader Group (AUTO) 704.80p 1.88% Rightmove (RMV) 561.00p 1.85%

FTSE 100 - Fallers

Shell (SHEL) 2,498.50p -2.82% BP (BP.) 460.95p -2.72% Anglo American (AAL) 1,821.00p -2.66% Endeavour Mining (EDV) 1,543.00p -2.16% Glencore (GLEN) 453.45p -2.06% JD Sports Fashion (JD.) 118.50p -1.33% Antofagasta (ANTO) 1,596.00p -1.27% Ashtead Group (AHT) 5,034.00p -1.26% Fresnillo (FRES) 537.80p -1.14% Vodafone Group (VOD) 69.68p -1.02%

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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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