RE: Until results day....7 Jan 2025 02:45
On a subdued start to the first full week of trading of 2025, the FTSE 100 added 0.3 per cent, or 25.68 points, to 8249.66 and the FTSE 250 rose 0.1 per cent, or 21.25 points, to 20612.65.
Rolls-Royce, whose shares rose more than six-fold between the start of 2023 and end of 2024, drifted 2.6 per cent, or 15p, to 570p after Citigroup cut its rating on the engineering giant to ‘neutral’ from ‘buy’.
The bank said the strong recovery in the share price over the past couple of years means it is now fairly valued rather than a bargain. ‘Rolls-Royce has been a runaway success for investors in recent years as its recovery story gained traction,’ noted Russ Mould, investment director at AJ Bell. ‘The turnaround opportunity is now looking like old news, and investors increasingly want to hear about the next phase of the company’s growth, not simply what it is doing to get back on track as that looks to have already happened.’ End.
Source: Daily Mail - 7th January 2025