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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: Vodafone rallies; Admiral hit by downgrade

(Sharecast News) - London's FTSE 100 was down 0.3% at 7,690.08 in afternoon trade on Thursday. Vodafone was the top gainer on the index following a report that Swisscom is weighing a possible offer for its Italian business next year.

BT Group also advanced following a report that Saudi Telecom may be preparing to approach the company's largest shareholder, Patrick Drahi, about raising its interest in the telco.

On the downside, Admiral fell after Berenberg downgraded shares of the insurer to 'hold' from 'buy'.

It noted that Admiral has been one of the strongest performers in the insurance sector in 2023, up by 29% year-to-date, and said it reckons the stock will continue to have EPS upgrades primarily due to the very strong re-pricing of the UK motor insurance market.

"However, we believe the complexity of its accounting leads to some risk and the high valuation multiple the company is already trading on may limit the upside in the near term," the bank said. Hence the downgrade to hold.

FTSE 100 - Risers

Vodafone Group (VOD) 68.73p 1.85% Smurfit Kappa Group (CDI) (SKG) 3,210.00p 0.88% B&M European Value Retail S.A. (DI) (BME) 579.60p 0.80% Rightmove (RMV) 567.20p 0.60% Rio Tinto (RIO) 5,816.00p 0.57% AstraZeneca (AZN) 10,538.00p 0.52% Sage Group (SGE) 1,179.00p 0.43% Pearson (PSON) 954.80p 0.42% 3i Group (III) 2,424.00p 0.41% BT Group (BT.A) 126.50p 0.36%

FTSE 100 - Fallers

Burberry Group (BRBY) 1,424.50p -4.49% Ocado Group (OCDO) 762.40p -3.37% United Utilities Group (UU.) 1,069.00p -2.86% British American Tobacco (BATS) 2,272.50p -2.72% Airtel Africa (AAF) 127.40p -1.85% Hikma Pharmaceuticals (HIK) 1,776.00p -1.72% Rentokil Initial (RTO) 437.00p -1.69% Standard Chartered (STAN) 651.20p -1.60% Admiral Group (ADM) 2,671.00p -1.58% Glencore (GLEN) 462.20p -1.48%

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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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