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FTSE 100 movers: Convatec boosted by UBS upgrade; Sky down as Ofcom censures Fox News

Mon, 6th Nov 2017 12:19


(ShareCast News) - London's FTSE 100 was flat at 7,562.3 in afternoon trade on Monday as investors paused for breath after a busy week.

Medical technology group Convatec was the standout gainer as UBS upgraded it to 'buy' from 'neutral', saying the stock is currently pricing in an overly bearish base case scenario.

Severn Trent was also boosted by a broker note as HSBC upped the stock to 'buy' from 'hold'.

The bank said its target price of 2,300, up from 2,160p, implies upside of around 10% and it has upgraded the stock because its analysis indicates the likelihood of continued regulatory outperformance beyond 2020 given the progress Severn Trent has made to date.

Miners were boosted by rallying iron ore prices, with Rio Tinto also up after it announced the appointment of Simon Trott to the newly-created role of chief commercial officer as it reinforces its focus on driving value across the business from mine to market.

On the downside, Prudential and Standard Life were under the cosh following a Sunday Times report that the pension providers will be forced to pay hundreds of millions of pounds in compensation to 90,000 of their annuity customers.

According to the Times, both companies are in talks with the Financial Conduct Authority about the final size of the bill, with customers expected to receive letters early in the new year indicating the scale of redress being offered.

Meanwhile, Sky News reported on Monday that Prudential has fired the starting gun on a four-way break-up of a 10bn UK annuities book that could herald a broader exit by Britain's largest insurer from its home market.

Elsewhere, broadcaster Sky was in the red after media regulator Ofcom censured Fox News for breaching impartiality rules.

Risers

Convatec Group (CTEC) 192.70p 5.88%

NMC Health (NMC) 3,195.00p 3.43%

BHP Billiton (BLT) 1,461.50p 2.38%

Severn Trent (SVT) 2,175.00p 2.06%

GKN (GKN) 323.80p 1.73%

Anglo American (AAL) 1,510.00p 1.68%

Rio Tinto (RIO) 3,774.50p 1.33%

Centrica (CNA) 169.90p 1.31%

Randgold Resources Ltd. (RRS) 7,020.00p 1.08%

Fresnillo (FRES) 1,302.00p 0.93%

Fallers

Standard Life Aberdeen (SLA) 429.00p -1.47%

Prudential (PRU) 1,845.50p -1.20%

Tesco (TSCO) 176.95p -1.20%

Reckitt Benckiser Group (RB.) 6,506.00p -1.17%

Sky (SKY) 935.50p -1.16%

Johnson Matthey (JMAT) 3,463.00p -1.14%

RSA Insurance Group (RSA) 610.50p -1.13%

Standard Chartered (STAN) 715.50p -1.11%

G4S (GFS) 283.60p -1.01%

Next (NXT) 4,428.00p -1.01%




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