FTSE 100 movers: Bunzl falls on reduced price target

Bunzl shares took a hit after Citigroup cut its target price from 1,250p to 1,190p, and kept a neutral rating. AMEC, Johnson Matthey, National Grid and Tate & Lyle were also registering losses today after going ex-dividend. Medical technology group Smith & Nephew fell after announcing that it is to buy the assets of US-based Healthpoint Biotherapeutics for $782m in an attempt to bolster its position in advanced wound care. Analysts at Investec this morning said that the acquisition takes the company into "riskier areas' where future performance will be linked to the outcome of clinical trials. Banks and miners were unwanted as concerns over the US fical cliff loomed larger following comments from the US Senate majority leader, Nevada Democrat Harry Reid, to the effect that "little progress" has been made so far on avoiding the fiscal cliff by year-end. Reid added that an increase in the US debt ceiling is necessary. Meanwhile, water and sewage services group United Utilities made decent gains after reporting that revenue in the first half rose from £793m to £823m as regulated prices increases offset reduced commercial volumes and lower property sales associated with the water business. Underlying pre-tax profit came in £190m, up 3% year-on-year and slightly higher than the £188m analyst estimate. High Street giant Marks & Spencer also jumped after announcing that its pension deficit at March 31st was at £290m. "This represents a substantial reduction in deficit from £1.3bn as at March 31st 2009," the group said. The news prompted a revival of recent takeover talks. Chip designer ARM Holdings moved higher after the Daily Mail reported about a possible 1,200p bid from US tech giant Intel. That compares with yesterday's close of 758p. FTSE 100 - RisersUnited Utilities Group (UU.) 689.00p +2.99%Burberry Group (BRBY) 1,268.00p +2.26%Marks & Spencer Group (MKS) 386.00p +1.93%Capita (CPI) 760.00p +1.20%Aberdeen Asset Management (ADN) 332.10p +1.07%ARM Holdings (ARM) 764.50p +0.86%Kingfisher (KGF) 277.90p +0.72%Severn Trent (SVT) 1,565.00p +0.71%Reed Elsevier (REL) 629.50p +0.64%Next (NXT) 3,639.00p +0.64%FTSE 100 - FallersEvraz (EVR) 227.30p -5.09%Bunzl (BNZL) 1,029.00p -4.19%Eurasian Natural Resources Corp. (ENRC) 261.30p -3.29%National Grid (NG.) 695.00p -2.46%Amec (AMEC) 1,003.00p -2.43%Polymetal International (POLY) 1,053.00p -2.41%Lloyds Banking Group (LLOY) 45.31p -2.37%Vedanta Resources (VED) 1,042.00p -2.25%International Consolidated Airlines Group SA (CDI) (IAG) 166.50p -2.17%Fresnillo (FRES) 1,938.00p -2.12%NR