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FTSE 100 movers: Imperial Brands rallies again, Persimmon in the red

Wed, 8th Nov 2017 13:07


(ShareCast News) - London's FTSE 100 was up 0.1% to 7,520.70 in afternoon trade on Wednesday as investors mulled over updates from the likes of M&S and Persimmon.

Imperial Brands was on the front foot again a day after it t revealed that tobacco volumes fell less than expected this year and the cigarette maker once again lifted its annual dividend 10% as currency tailwinds were not enough to puff earnings above consensus forecasts.

Engineer GKN rallied following a report it is close to setting up a joint venture with Chinese state aerospace manufacturer Comac. GKN's partnership with the Chinese colossus has agreed a wide-ranging joint venture, Sky News reported, citing a Whitehall source.

Paper and packaging group Mondi got a boost as Morgan Stanley upgraded the stock to 'overweight' from 'equalweight' and lifted the price target to 2,200p from 2,000p.

Marks & Spencer was in the black as it reported stronger first-half profits than expected, and announced some material shifts in the pace and direction of its five-year restructuring plan along with the departure of chief financial officer Helen Weir.

On the downside, Persimmon was under the cosh, dragging peers Barratt Developments and Taylor Wimpey down with it after a statement that analysts said was light on detail, with no mention of sales rates, pricing or margins.

Primark owner Associated British Foods was weaker after Goldman Sachs downgraded it to 'neutral' from 'buy' saying it offers limited upside as profits will be dulled by lower European Union sugar prices.

SSE was in the red as it reported a 14% drop in adjusted pre-tax profits for the six months to September and confirmed plans to merge its domestic business in the UK with Npower to form a new energy company.

Risers

Imperial Brands (IMB) 3,192.50p 2.98%

GKN (GKN) 330.20p 2.64%

Mediclinic International (MDC) 608.00p 2.36%

Mondi (MNDI) 1,845.00p 2.33%

ITV (ITV) 161.40p 1.96%

CRH (CRH) 2,740.00p 1.56%

Rio Tinto (RIO) 3,776.50p 1.15%

Marks & Spencer Group (MKS) 331.40p 1.10%

Fresnillo (FRES) 1,306.00p 1.08%

Centrica (CNA) 170.70p 1.07%

Fallers

Persimmon (PSN) 2,772.00p -3.55%

easyJet (EZJ) 1,261.00p -3.37%

NMC Health (NMC) 3,096.00p -3.22%

Associated British Foods (ABF) 3,125.00p -2.89%

Barratt Developments (BDEV) 635.00p -2.53%

Taylor Wimpey (TW.) 196.70p -2.19%

BAE Systems (BA.) 567.50p -1.99%

International Consolidated Airlines Group SA (CDI) (IAG) 600.50p -1.64%

SSE (SSE) 1,389.00p -1.49%

G4S (GFS) 262.80p -1.39%




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